viewProactive Group

LendingClub fourth quarter earnings miss forecasts

The company has reached a preliminary settlement on class-action lawsuits arising from legacy issues in 2016

Shares in the online lender slumped ahead of the opening bell

Online lender LendingClub Corp (NYSE:LC) reported worse-than-expected fourth quarter earnings as it took a class-action litigation settlement charge of US$77.25mln.

LendingClub’s net loss widened to US$92.1mln, or 22 cents a share, in the quarter, from a loss of US$32.3mln or 8 cents a share, a year ago.

Excluding one-off items, the group earned 1 cent per share, missing analysts’ estimates of 2 cents a year.

Revenue jumped 20% to US$156.5mln from $30.5mln a year ago but was below market forecasts of US$157.6mln.

The lender has been trying to repair its image since an internal investigation in 2016 found it had falsified documents when selling US$22mln of loans to an investor.

LendingClub said it had reached a preliminary settlement on the class-action lawsuits filed in federal and California state courts arising from some legacy issues in 2016.

Shares fell 9.2% to US$4.13 each in US pre-market trade. 

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...


CO2 GRO sees 20% higher pepper yields though 10 weeks of Hidroexpo Feasibility

CO2 GRO (CVE: GROW- OTCQB: BLONF) Vice President of Sales and Strategic Alliances Aaron Archibald joined Steve Darling from Proactive to bring details the company has seen very good results from their CO2 Delivery Solution commercial feasibility on greenhouse-grown peppers with Hidroexpo in...

17 hours, 9 minutes ago

2 min read