LendingClub's Stock Jumps After Results Beat Expectations

By Markets MarketWatch Pulse

Shares of LendingClub Corp. ran up 4.3% in premarket trade Monday, after the online credit marketplace reported better-than-expected expected third-quarter results, and provided an upbeat outlook. The loss for the quarter through Sept. 30 was $36.5 million, or 9 cents a share, compared with earnings of $950,000, or breakeven on a per-share basis. Excluding non-recurring items, the adjusted loss per share was 4 cents, beating the FactSet consensus for a loss of 7 cents per share. Total revenue fell to $114.6 million from $116.3 million, with operating revenue declining to $112.6 million from $115.1 million. The FactSet consensus was $103.7 million. Transaction revenue of $100.8 million, up from $100.4 million, beat the FactSet consensus of $95.7 million. For the fourth quarter, revenue is expected to be $116 million to $123 million, compared with the FactSet consensus of $116 million. "We actively reengaged with investors of all types to deliver on our plan and enable $2 billion in loan originations," said Chief Executive Scott Sanborn. "In the months ahead we are focused on increasing the diversity and resiliency of our funding mix, realigning our resources, and regaining our operating rhythm." The stock has tumbled 54% year to date through Friday, while the S&P 500 has gained 2%.

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