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LoanDepot Surges as Q3 Revenue Tops Estimates

CEO says has `aggressively reduced’ costs

Shares of Foothill Ranch-based loanDepot Inc., one of the largest non-bank mortgage originators in the U.S., surged 6.9% in after-hours trading after reporting third-quarter sales that topped analysts’ consensus estimates.

The company reported revenue of $274.2 million, which while down 70% from a year ago, still topped analyst expectations for $243 million.

“We aggressively reduced our costs, exited the wholesale channel, and narrowed our losses during the third quarter in line with our previously announced targets,” Chief Executive Frank Martell said in a statement.

Shares climbed 6.9% to $1.56 after the results were released. Shares of the company, which has a $470 million market cap, have plummeted 67% this year as the Federal Reserve increased its benchmark interest rates to combat inflation.

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Peter J. Brennan
Peter J. Brennan
With four decades of experience in journalism, Peter J. Brennan has built a career that spans diverse news topics and global coverage. From reporting on wars, narcotics trafficking, and natural disasters to analyzing business and financial markets, Peter’s work reflects a commitment to impactful storytelling. Peter’s association with the Orange County Business Journal began in 1997, where he worked until 2000 before moving to Bloomberg News. During his 15 years at Bloomberg, his reporting often influenced financial markets, with headlines and articles moving the market caps of major companies by hundreds of millions of dollars. In 2017, Peter returned to the Orange County Business Journal as Financial Editor, bringing his heavy business industry expertise. Over the years, he advanced to Executive Editor and, in 2024, was named Editor-in-Chief. Peter’s work has been featured in prestigious publications such as The New York Times and The Washington Post, and he has appeared on CNN, CBC, BBC, and Bloomberg TV. A Kiplinger Fellowship recipient at The Ohio State University, he leads the Business Journal with a dedication to uncovering stories that matter and shaping the local business community and beyond.
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