By Allison Prang
LendingClub Corp.'s top line fell more than Wall Street estimated, but it reported a smaller adjusted loss than analysts were expecting.
The digital banking company reported a fourth-quarter loss of $26.7 million, or 29 cents a share. A year earlier, LendingClub reported a $234,000 profit and broke even per share.
On an adjusted basis, the company's loss was 24 cents a share. According to FactSet, analysts were expecting an adjusted loss of 35 cents a share.
Net revenue was down 60% from a year ago, falling to $75.9 million, and was less than Wall Street's consensus of $77.6 million.
LendingClub said loan originations fell 70% from a year ago to $912 million. They improved by 56% from the prior quarter.
Shares of LendingClub plunged 8.1% to $11.97 in after-hours trading.
Write to Allison Prang at email@example.com