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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
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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