Welcome to our dedicated page for Oportun Financial Corporation news (Ticker: OPRT), a resource for investors and traders seeking the latest updates and insights on Oportun Financial Corporation stock.
Oportun Financial Corporation (Nasdaq: OPRT) is a mission-driven fintech company dedicated to providing responsible and affordable financial services, particularly to individuals with limited or no credit history. Formerly known as Progreso Financiero, Oportun focuses on empowering the underserved Hispanic community in the United States through advanced data analytics and technology.
Oportun’s suite of financial products includes personal loans, auto loans, unsecured personal loans, and secured personal loans. Additionally, the company offers deposit accounts, debit card services, and other transaction services to its customers. Oportun operates over 170 locations across California, Illinois, Texas, Utah, and Nevada, with a commitment to delivering a supportive service experience through bilingual staff and multi-channel support.
In recent news, Oportun entered into a $400 million whole loan flow sale agreement with Castlelake, an experienced investor in the consumer credit sector, to acquire personal loan production from Oportun over the next 12 months. This strategic relationship underscores the sustained strong demand for Oportun's lending products among institutional investors and is expected to bolster Oportun's mission of financial inclusion.
Since its inception, Oportun has provided over $17.8 billion in responsible credit, helping members save more than $2.4 billion in interest and fees. The company is also leveraging artificial intelligence to enhance its borrowing, saving, and budgeting capabilities, thereby aiding its 2.2 million members in building better financial futures.
Despite some challenges, including an 82% decline in stockholder return since its IPO in late 2019, Oportun's core business remains robust. The company’s leadership is under scrutiny from significant shareholders like Findell Capital Management, who are urging more decisive actions to unlock shareholder value.
For more detailed information on Oportun Financial Corporation and its latest developments, visit their website at Oportun.com.
Oportun Financial Corporation (Nasdaq: OPRT) has unveiled its new brand identity and product experience, merging Oportun and Digit into a unified financial services app. This transition aims to empower members in managing their finances through intelligent borrowing, savings, budgeting, and spending tools. Since its inception, Oportun has issued over $14.7 billion in loans and facilitated savings exceeding $8 billion. The platform has supported over 1 million individuals in building credit history and helps members save an average of $1,800 annually. The app is available on both the Apple App Store and Google Play.
Oportun (Nasdaq: OPRT) is set to release its fourth quarter 2022 financial results on March 13, 2023, after market close. Following this, a conference call and earnings webcast will be held at 5:00 PM ET (2:00 PM PT) to discuss the results. Investors can access the live event via Oportun’s investor relations website or join the call using the provided dial-in numbers. Oportun continues its mission to offer inclusive financial services, having provided over $14 billion in credit and helping members save more than $2.3 billion in interest and fees since inception. The company has also helped members save over $8.5 billion for future needs.
Oportun recently highlighted Chandra Bradley, senior director of enterprise risk management, for her unique approach to integrating empathy into risk practices. Bradley founded the Black Professionals Employee Resource Group to foster community and support among Black employees, driven by social justice events in 2020. With a solid background in finance and consulting, she promotes career development among younger colleagues. Her empathetic approach provides a nuanced understanding of risks, enhancing risk management effectiveness. The PR underscores Oportun's commitment to diversity, community, and a people-first culture in the fintech sector.
Oportun Financial Corporation (Nasdaq: OPRT) announced a restructuring plan focused on streamlining operations and allocating resources efficiently amid a challenging macroeconomic environment. This includes a 10% reduction in corporate staff, affecting around 155 employees, with expected pre-tax charges of $5 million to $6 million in Q1 2023. The company anticipates an annualized savings of about $38 million in compensation and benefits starting in 2023. Preliminary Q4 2022 results indicate total revenue of approximately $262 million and an annualized net charge-off rate of 12.8%, with expectations to decrease to Oportun's target range of 7% to 9% by Q3 2023.
Oportun (Nasdaq: OPRT), a fintech and digital banking platform, will present at the Southwest IDEAS Investor Conference on November 16, 2022, at 7:20 AM CT in Dallas, TX. CEO Raul Vazquez and CFO Jonathan Coblentz will lead the presentation, available via a live webcast on the conference website and Oportun's Investor Relations page. Since its founding, Oportun has disbursed over $14 billion in credit and saved members $2.3 billion in interest. Oportun is recognized as a Community Development Financial Institution, serving over 1.8 million members.
Oportun Financial Corporation (Nasdaq: OPRT) reported a strong Q3 2022 with total revenue of $250 million, a 57% year-over-year increase. Early-stage delinquencies declined following July credit tightening, and first payment defaults fell below 2019 levels. The company is raising its full year 2022 revenue guidance to between $946 million and $951 million, with adjusted EPS guidance of $2.19 to $2.25. However, net loss increased to $106 million due to a $108 million goodwill impairment charge.
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