Stock Track | SLM Corp Stock Plummets as Q3 Loss and Higher Credit Costs Disappoint

Stock Track10-24

Shares of SLM Corp (Sallie Mae), the leading private student loan provider, plunged by 5.26% on October 24, 2024, after the company reported disappointing third-quarter financial results and higher credit loss provisions.

For the quarter ended September 2024, SLM reported a net loss of $0.23 per share, widely missing analyst estimates of $0.07 earnings per share. Revenue also fell short, coming in at $359.4 million versus expectations of $363.4 million.

One of the key factors weighing on SLM's results was a significantly higher provision for credit losses of $271 million, up from $197 million in the year-ago quarter. This raised concerns about the company's credit quality and rising loan delinquencies, with the delinquency rate reaching 3.6% in Q3.

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