loanDepot falls after wider-than-expected Q4 loss

loanDepot

13/03/2024 17:34

** Shares of mortgage lender loanDepot  LDI.N  fall as much
as 24%, last down 7.5% at $2.35
    ** After market close on Tuesday, LDI posted Q4 adjusted
loss of 8 cents/shr vs analysts' expectation of 7 cents/shr -
LSEG data
    ** Q4 total revenue jumped 35% to $228.6 mln compared to
last year, driven by higher servicing income 
    ** Q4 loan origination volume fell to $5.37 bln from $6.38
bln last year
    ** LDI expects Q1 loan origination volume between $3.5 bln
and $5.5 bln, which has been affected by the January data breach
    ** Jefferies analysts anticipate profitability in Q2 but
said their outlook for improved originations is more weighted to
H2 2024, given the shifting rate environment
    ** As of last close, stock down 27.8% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))