RTTNews | Nov 1, 2021 11:59AM EDT

11:58 Monday, November 1, 2021 (RTTNews.com) - California-based finserv company, LoanDepot, Inc. (LDI), is trading 18% higher in the market after reporting a better net income in the third quarter on higher revenue. The earnings also managed to beat Street view. LoanDepot posted a net income of $154.27 million or $0.40 earnings per share in the quarter, up from $26.28 million or $0.07 earnings per share in the same quarter last year. On an adjusted basis, the earnings were $147.53 million or $0.46 earnings per share, up from $109.26 million or $0.18 earnings per share in the last term. On average, 12 analysts polled by Thomson Reuters expected the earnings to come at $0.39 per share. The revenue also improved to $923.76 million from $779.91 million last year. Except for one-time items, the company posted revenue of $948.77 million, from $825.33 million last year. Analyst consensus for revenue was $881.66 million. The stock is currently trading hands at $7.75, up $1.19 or 18.14% from its previous close at $6.56. The shares have opened at $7.20 in the morning and in the 52-week period, the shares have ranged between $5.95 and $39.85.

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