NerdWallet (NRDS) reported earnings on Wed 2 Nov 22 (a/h)

** charts after earnings **

Revenue of $142.6 million, Up 45% Year-Over-Year

FINANCIAL HIGHLIGHTS

Revenue of $142.6 million

GAAP net income of $0.7 million and $0.01 net income per diluted share

Adjusted EBITDA of $14.5 million

SAN FRANCISCO, November 02, 2022--(BUSINESS WIRE)--NerdWallet, Inc. (Nasdaq: NRDS), a platform that provides financial guidance to consumers and small and mid-sized businesses (SMBs), today reported financial results for its third quarter ended September 30, 2022.

"We continue to grow our business by executing against our three pillars of growth—'Land and Expand,' 'Vertical Integration,' and 'Registrations and Data-Driven Engagement'—which helped us exceed our revenue and Adjusted EBITDA results," said Tim Chen, Co-Founder and CEO of NerdWallet. "In Q3, we made progress toward our vision of becoming a trusted financial ecosystem by expanding into new financial categories, investing in our marketplace experiences, making significant product improvements and increasing user engagement and registrations."

THIRD QUARTER 2022 HIGHLIGHTS

• Credit cards revenue of $57.4 million grew 59% year-over-year, reflecting our ability to capitalize on higher consumer intent through improved user experiences combined with our deep alignment with partners to deliver quality matches.
• Loans revenue of $28.4 million was down 12% year-over-year, primarily due to a decrease in mortgages driven by higher interest rates and continuing macroeconomic headwinds, partially offset by strong growth in personal loans driven by both organic growth as well as incorporating our recent acquisition of On the Barrelhead.
• Other verticals revenue of $56.8 million was up 87% year-over-year, driven by strong growth in SMB products and banking.
• We had 19 million average Monthly Unique Users (MUUs), which was up 11% year-over-year. We saw strong engagement in areas such as banking, travel and SMB products, and are also now incorporating our recent acquisition. Partially offsetting growth were declines from a continued challenging macroeconomic environment in both mortgages and investing