- Lending Club, the San Francisco-based peer-to-peer online lender, crashed more than 20% in pre-market trading Wednesday to $4.27 a share.
- The company posted earnings of $0.03 per share as revenue surged 34% year-over-year to $154 million.
- The company expects a net loss in the range of $3 to $7 million for Q4 and revenue of between $158 million and $163 million.
- Tech lending companies like LendingClub have struggled to churn a profit despite gaining market share
- from traditional lenders in some areas.
- According to
- make up 32% of all personal loans in the US, up from 1% in 2010.
ADVERTISEMENT
Lending Club crashes 22% after cutting guidance (LC)
The company anticipates a loss for the fourth quarter of $3 to $7 million.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
ADVERTISEMENT