LendingClub Shares Fall 8% After Quarterly Loss

LendingClub Corp. shares fell 8% late Tuesday after the online lending platform swung to a fourth-quarter loss and operating revenue declined in the quarter. LendingClub said it lost $32.3 million, or 8 cents a share, in the quarter, versus gains of $5 million, or 1 cent a share, in the year-ago quarter. Adjusted for one-time items, LendingClub said it lost 2 cents a share, versus a gain of 5 cents a share a year ago. Net operating revenue was $129 million, down 4% from a year ago. Analysts polled by FactSet had expected adjusted losses of 3 cents a share on sales of $132 million. Loan originations dropped to $2 billion, from 2.6 billion a year ago. LendingClub predicted 2017 net sales between $565 million and $595 million, and a yearly loss between $84 million and $69 million.

Copyright © 2017 MarketWatch, Inc.