18.02.2020 22:24:31

LendingClub stock drops as earnings show effects of bank-charter effort

LendingClub Corp. shares declined in late trading Tuesday, after the online-lending company revealed projected weaker-than-expected growth in 2020 as it seeks to become a registered bank. LendingClub revealed a proposed $185 million acquisition of online bank Radius Bancorp along with other changes in its fourth-quarter earnings Thursday afternoon as it seeks to receive a bank charter. The company reported earnings of $200,000, less than a penny a share, on net revenue of $188.5 million, up from $181.5 million a year ago. After adjusting for stock-based compensation and other expenses, the company reported earnings of 8 cents a share. Analysts on average expected adjusted earnings of 4 cents a share on sales of $199.2 million, according to FactSet. LendingClub said that it expected first-quarter net revenue of $170 million to $180 million and full-year 2020 revenue of $790 million to $820 million, short of the average analyst forecast of $198.7 million for the first quarter and $871.5 million for 2020, according to FactSet. Shares dropped as much as 15% immediately after the report was released, though declines soon eased to less than 10%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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