LendingClub: 2Q Earnings Snapshot
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.