LendingClub: 3Q Earnings Snapshot
SAN FRANCISCO (AP) _ LendingClub Corp. (LC) on Tuesday reported a loss of $22.8 million in its third quarter.
On a per-share basis, the San Francisco-based company said it had a loss of 5 cents. Earnings, adjusted for stock option expense and non-recurring costs, came to 3 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 2 cents per share.
The company that connects borrowers and lenders online posted revenue of $184.6 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $181.2 million.
In the final minutes of trading on Tuesday, the company’s shares hit $3.65. A year ago, they were trading at $5.85.