DJ Oportun Financial Shares Higher After Rise in 1Q Revenue
By Stephen Nakrosis
Oportun Financial Corp. shares were trading higher on Nasdaq on Friday, a day after the company released first-quarter results that showed higher revenue but also the company swinging to a loss.
At 1:04 p.m. EDT, the company's shares had gained 16% to trade at $6.99. Volume topped 268,000 shares, above the 65-day average volume of 160,156.
After the bell Thursday, the company reported a first-quarter net loss of $13.3 million, or 49 cents a share, on revenue of $163.4 million. In the year-ago period, the company reported net income of $14.6 million, or 51 cents a share, on revenue of $138.3 million.
It reported an adjusted loss of 4 cents a share for the recent quarter.
The company said the decreases in net income and adjusted net income reflect a reduction in the fair value of its loan portfolio in the first quarter as a result of the macro-economic changes associated with the Covid-19 pandemic and higher interest rates and credit spreads compared with the prior-year quarter.
Shares of the company, which provides loans through a proprietary lending platform, are down more than 71% year to date.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
May 15, 2020 13:40 ET (17:40 GMT)
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