Open Lending Corporation reported its third-quarter 2024 financial results, with revenue totaling $23.5 million, marking a 9.7% decrease from the prior year's third quarter. The company announced a net income of $1.4 million, which translated to earnings of 1 cent per share. These reported figures fell short of Wall Street expectations.
Despite the overall miss, Open Lending stated that its certified loan numbers and revenue were near or above the high end of its guidance, excluding a negative change in estimate. This performance occurred amidst ongoing profit share volatility and broader industry headwinds, indicating some operational resilience.
The company highlighted its efforts in customer acquisition during the quarter, suggesting continued focus on expanding its lender base. Management emphasized that the Lenders Protection solution remains a suitable offering for financial institutions aiming to responsibly lend to near- and non-prime consumers.
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