LendingClub Corporation
LC NYSE

LC
LendingClub Corporation NYSE
 
Upcoming Earnings
EPS
Market Cap
Div Yield
P/E
Upcoming Earnings
EPS
Market Cap
Div Yield
P/E

History of LC

Important events

Aug 022021

LendingClub posts surprise profit

Shares of online personal loans company LendingClub pop to their highest price since November 2017, closing up 47% last week on the back of a surprise Q2 profit.

LendingClub gave investors a look at how its second quarter went, and what they saw sent the stock soaring up over 47% on Thursday to a three year high. The fintech company shredded its guidance and turned a corner on profitability, reporting earnings per share of $0.09 compared to expectations of a loss of $0.40 and up from a $0.87 loss per share in the same period a year ago. Revenue was up a whopping 204% at $204.4 million from the $40.4 million it reported last year, exceeding expectations of $130.2 million. The surprise profit is expected to continue into the third quarter, and guidance called for a net income of between $10 million and $15 million.

Our first full quarter operating a digital bank was the most profitable quarter in LendingClub's history. This is the beginning of a dramatically enhanced earnings trajectory for the business. Our transformation is fueled by our competitive advantages, which include our 3.5 million-plus members, deep data capabilities, marketplace model as well as our more efficient operating platform. Our earnings are being bolstered by our bank, which is generating a new stream of recurring net interest income that is only beginning to contribute to our bottom line results,

said Scott Sanborn, LendingClub's CEO.

The earnings cover LendingClub’s first full quarter since it became a bank in February following its $185 million acquisition of Radius, the first fintech takeover of a regulated U.S. bank ever. The deal gives the fintech company cheaper and more stable access to funding.