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LendingClub shares down 15% after quarterly revenue miss

Shares of LendingClub Corp. LC, -6.67% tanked 15% late Tuesday after the company missed third-quarter revenue expectations and called for lower sales in the fourth quarter. LendingClub said it lost $6.5 million, or 2 cents a share, in the quarter, compared with $36 million, or 9 cents a share, in the year-ago quarter. Adjusted for one-time items, the company earned 3 cents a share in the quarter, versus an adjusted loss of 4 cents a share a year ago. Revenue reached $154 million, compared with $115 million a year ago, thanks primarily to higher loan origination volumes, LendingClub said. Analysts polled by FactSet had expected adjusted earnings of 3 cents a share on sales of $157 million. The company predicted a net revenue in the range of $158 million to $163 million for the fourth quarter, and a net loss in the range of $7 million to $3 million for the September-to-December quarter. The analysts surveyed by FactSet predict sales around $173 million for the next quarter.


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