Shares of LoanDepot Inc., one of the nation’s largest mortgage originators, fell after the Irvine-based company on Tuesday reported first-quarter results.
In after hours trading, shares dropped 9.4% to $1.35. During regular trading, the shares fell 1.3% to $1.49 and a $965 million market cap (NYSE: LDI).
The company reported “adjusted revenue” of $299 million, below the $299.7 million estimate of one analyst. Its loan origination volume decreased 5% to $7.66 billion from the prior quarter. Its adjusted EBITDA was $14 million, compared with $29 million in the prior quarter.
“Despite a volatile market environment, we increased market share,” founder and Chief Executive Anthony Hsieh said in a statement.
