Shares of LendingClub Corp.
LC,
dropped more than 5% in the extended session Wednesday after the financial services company beat quarterly earnings expectations but said that it expected “headwinds” to persist. LendingClub earned $10.1 million, or 9 cents a share, in the second quarter, compared with $13.7 million, or 13 cents a share, in the year-ago quarter. Revenue fell to $232.5 million from $245.7 million a year ago. Analysts polled by FactSet had expected earnings of 4 cents a share on sales of $227 million. “We’re leaning into our data, membership, and business model advantages to deliver continued profitability in a difficult environment,” Chief Executive Scott Sanborn said in a statement. “While we expect the headwinds in the marketplace to persist, we’re managing the business prudently, continuing our disciplined credit underwriting, and developing new structures to meet the evolving needs of loan investors.” Shares of LendingClub ended the regular trading day up 0.1%.
