Online lending platform operator LendingClub reported its third straight quarterly loss, largely due to higher costs.
The company also forecast net revenue for the current quarter at between $117 million and $122 million. Analysts on average were expecting revenue of $132.29 million.
Shares of the company, which matches borrowers and lenders via an online marketplace, were down 5% in after-hours trading.
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Loan originations, a metric indicating the number of new loans processed, fell nearly 23% to $1.99 billion in the fourth quarter.
Up to Tuesday’s close, LendingClub’s (LC) shares fell nearly 6% since May, when its high-profile chief executive, Renaud Laplanch, resigned following an internal review that revealed a violation of the company’s business practices.
Since then, the company, which is already facing a weak investor appetite for its loans, has been trying to gain its share back in the market.
The Peer-to-Peer Lending Industry Doesn’t Look Good
Excluding items, the company posted a loss of 2 cents per share, a cent less than the average analyst expectation, according to Thomson Reuters.
The company reported a net loss of $32.27 million, or 8 cents per share, for the quarter ended Dec. 31, compared with a profit of $4.57 million, or 1 cent per share, a year earlier.
Total net operating revenue fell 3.9% to $129.20 million. Analysts on average had expected $121.90 million.
