LendingClub Corp. (LC) on Monday reported a third-quarter loss of $36.5 million, after reporting a profit in the same period a year earlier.
The San Francisco-based company said it had a loss of 9 cents per share. Losses, adjusted for stock option expense and asset impairment costs, came to 4 cents per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 6 cents per share.
The company that connects borrowers and lenders online posted revenue of $112.6 million in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $100.8 million.
For the current quarter ending in December, LendingClub said it expects revenue in the range of $116 million to $123 million.
LendingClub shares have fallen 54 percent since the beginning of the year. The stock has declined 64 percent in the last 12 months.