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Lending Club increases revenue, shrinks loss - shares rally

Published 08/08/2017, 03:25 PM
© Reuters.  Lending Club increases revenue, shrinks loss - shares rally
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Investing.com - LendingClub Corp 's (NYSE:LC) shares were higher on Tuesday, continuing to gain traction following the company’s release of second quarter earnings during Monday’s session, which showed the company’s revenue is increasing, while its loss is narrowing.

LendingClub's revenue was $139.6 million, above the $103.4 million pulled in during the comparable period. It posted a loss of $25.4 million versus a loss of $81.4 million in the comparable period. It lost 1 cent per share (adjusted) versus a loss of 9 cents per share in the same quarter a year earlier.

LendingClub also increased its guidance for the full year and third quarter 2017. For the third quarter, the company is looking for total net revenue in the range of $154 million to $159 million and a net loss in the range of $12 million to $8 million. The full year 2017 total net revenue should fall in the range of $585 million to $600 million, while its net loss should be in the range of $69 million to $6) million.

LendingClub's shares were up almost 17% on the home stretch to the closing bell.

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