LendingClub forecasts bigger-than-expected first-quarter loss

(Reuters) - Online lender LendingClub Corp forecast a bigger-than-expected first-quarter loss on Tuesday and revenue that missed Wall Street estimates, sending the company's shares down 9 percent in after-market trading. For the first quarter, the company expects net revenue between $162 million and $172 million, below analysts' estimates of $181.2 million, according to IBES data from Refinitiv. LendingClub also forecast a first-quarter net loss between $20 million and $15 million, compared to Wall Street estimates of a loss of $5.14 million

Reuters February 20, 2019 04:05:22 IST
LendingClub forecasts bigger-than-expected first-quarter loss

LendingClub forecasts biggerthanexpected firstquarter loss

(Reuters) - Online lender LendingClub Corp forecast a bigger-than-expected first-quarter loss on Tuesday and revenue that missed Wall Street estimates, sending the company's shares down 9 percent in after-market trading.

For the first quarter, the company expects net revenue between $162 million and $172 million, below analysts' estimates of $181.2 million, according to IBES data from Refinitiv.

LendingClub also forecast a first-quarter net loss between $20 million and $15 million, compared to Wall Street estimates of a loss of $5.14 million.

On an adjusted basis, the company reported a smaller loss in the reported quarter on the back of higher loan originations which rose 18 percent to $2.87 billion.

LendingClub's overall revenue rose 16 percent to $181.5 million.

The San Francisco-based company posted an adjusted loss of $4.1 million, or 1 cent per share, in the fourth quarter ended Dec. 31, compared to a loss of $7.3 million, or 2 cents per share, a year earlier. (https://reut.rs/2EiMdjC)

(Reporting by Bharath Manjesh in Bengaluru; Editing by Shounak Dasgupta)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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