LendingTree Inc. reported a 41 percent increase in first quarter earnings for 2018, but its stock fell by more than 11 percent because the results missed analyst estimates, according to a Thursday filing with the Securities and Exchange Commission.

LendingTree reported earnings of $16.2 million, or $1.10 per share, in the first quarter. It reported earnings of $11.5 million, or 85 cents per share, for the same quarter last year. On average, analysts estimated earnings of $1.12 per share, according to Yahoo Finance.

The company’s stock opened at $299.70 per share Thursday. Around noon it was at $265.65 per share, an 11.36 percent decrease.

The company’s mortgage sector reported a revenue of $73.5 million, a 17 percent increase from the same quarter in 2017. According to the Mortgage Bankers Association, mortgage originations industry-wide were projected to decrease 4 percent in the same period.

“Our performance in mortgage has been terrific in the face of a tougher macro environment,” said LendingTree’s Chief Financial Officer J.D. Moriarty in the earnings press release. “According to Black Knight Inc., the number of borrowers who could benefit from refinancing their mortgage is down 37 percent since the end of last year and at the lowest level since 2008.”

He said the company’s growth is due to the “value (it delivers) to lenders” as the industry becomes more competitive.

“Thanks to the ongoing diversification of our revenue streams and the performance of our non-mortgage products, the business can continue to thrive even as interest rates are expected to move higher,” Moriarty said.

Non-mortgage revenue was reported at $107.6 million, up 55 percent from 2017. Consolidated revenue was $181 million, up 37 percent from the previous year.

LendingTree is a an online platform that connects customers with various lenders for competing loan options. The company includes options for a number of loan services including personal, business and auto loans.