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.