LendingClub (LC) Tops Q3 EPS by 3c, Loan Originations Fall 12%
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LendingClub (NYSE: LC) reported Q3 EPS of ($0.04), $0.03 better than the analyst estimate of ($0.07). Revenue for the quarter came in at $112.6 million versus the consensus estimate of $103.31 million.
Loan originations in the third quarter of 2016 were $1.97 billion, up 1% compared to the $1.96 billion we reported in the second quarter of 2016, but down 12% compared to $2.24 billion in the same quarter last year.
"I am very pleased with our performance in the third quarter. We actively reengaged with investors of all types to deliver on our plan and enable $2 billion in loan originations," said Lending Club's President and CEO, Scott Sanborn. "While we've made incredible progress, there is still work to be done. 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. Today's results, along with our new executive team, and the return of banks to our platform, give me confidence as we begin our planning for 2017."
For earnings history and earnings-related data on LendingClub (LC) click here.
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