NEWARK, Del. (AP) _ SLM Corp. (SLM) on Wednesday reported a second-quarter loss of $85.2 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Newark, Delaware-based company said it had a loss of 23 cents. Losses, adjusted for one-time gains and costs, were 22 cents per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 6 cents per share.
The student loan company posted revenue of $513.6 million in the period. Its adjusted revenue was $348.8 million.
Sallie Mae shares have dropped 20% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $7.11, a decline of 24% in the last 12 months.