(Reuters) – Online lender LendingClub Corp forecast a bigger-than-expected first-quarter loss on Tuesday, and revenue that missed Wall Street estimates, sending its shares down 6 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 loss between $20 million and $15 million, compared to Wall Street estimates of a loss of $5.14 million.
For the full-year 2019, LendingClub forecast a loss that was bigger than Wall Street estimates. However, the company said it was targeting profitability on an adjusted basis in the second half of the year.
Excluding items, the company posted 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. (reut.rs/2EiMdjC)
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