Loandepot Inc (NYSE:LDI) shares are trading lower by 10.9% at $4.18 Tuesday morning after the company reported worse-than-expected fourth-quarter EPS results.
LoanDepot reported quarterly earnings of 9 cents per share which missed the analyst consensus estimate of 18 cents. The company also reported quarterly sales of $723.64 million which beat the analyst consensus estimate of $713.95 million by 1%.
"2021 demonstrated the success of our strategy, successfully increasing market share during a period of changing market conditions," said loanDepot Founder and CEO Anthony Hsieh. "Our industry is a cyclical one, and the market conditions we face today have been faced before by loanDepot's experienced leadership team, the members of which have collectively navigated many housing and interest rate cycles over the last 35 years."
"Our business was purpose-built with periods of pressure in mind. Our proprietary tech stack, our intentionally diverse mix of channels and our sophisticated performance marketing machine mean we control our lead flow, our customer contact strategy and the point of loan origination. This is a critical competitive advantage, enabling us to pivot and adjust our production as market trends demand," Hsieh stated.
LoanDepot has a 52-week high of $39.85 and a 52-week low of $4.01.
