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Lending Club Disappoints During Q2, CFO Steps Down

Lending Club Disappoints During Q2, CFO Steps Down
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Has Lending Club Reached A Turning Point?

Shares of Lending Club (NYSE: LC) are trading down over three percent in Monday's after hours session after the company reported a disappointing Q2. Lending Club reported Q2 EPS loss of $0.09 versus estimates for a loss of $0.02. Sales were $102.4 million versus estimates of $100.51 million. The company also announced CFO Carrie Dolan will step down and Bradley Coleman will be interim CFO.

President and CEO Scott Sanborn said "Despite the unusual disruption to our supply of capital in May, we facilitated nearly $2 billion of loans to nearly 170,000 borrowers. While we still have a lot of work ahead, the value that we bring to borrowers and investors is stronger than ever, and we believe we have the resources and resolve to execute on our mission."

Looking out to Q3, Lending Club sees revenues between $95 million and $105 million versus estimates of $104.27 million.

Shares of Lending Club closed Monday's regular session up $0.04 or 0.84 percent to $4.79.

Posted-In: Earnings News Guidance Management Best of Benzinga


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