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LendingClub: 2Q Earnings Snapshot

August 7, 2018

SAN FRANCISCO (AP) _ LendingClub Corp. (LC) on Tuesday reported a loss of $60.9 million in its second quarter.

On a per-share basis, the San Francisco-based company said it had a loss of 14 cents. Earnings, adjusted for asset impairment costs and stock option expense, were 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 $177 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $164.3 million.

For the current quarter ending in October, LendingClub said it expects revenue in the range of $175 million to $185 million.

The company expects full-year revenue in the range of $680 million to $705 million.

In the final minutes of trading on Tuesday, the company’s shares hit $4.09. A year ago, they were trading at $5.46.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LC at https://www.zacks.com/ap/LC

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