U.S. Markets open in 3 hrs 9 mins

LendingClub: 1Q Earnings Snapshot

SAN FRANCISCO (AP) _ LendingClub Corp. (LC) on Tuesday reported a loss of $19.9 million in its first quarter.

On a per-share basis, the San Francisco-based company said it had a loss of 5 cents. Losses, adjusted for non-recurring costs, were 3 cents per share.

The results met Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was also for a loss of 3 cents per share.

The company that connects borrowers and lenders online posted revenue of $174.4 million in the period, exceeding Street forecasts. Four analysts surveyed by Zacks expected $169.4 million.

For the current quarter ending in July, LendingClub said it expects revenue in the range of $185 million to $195 million.

The company expects full-year revenue in the range of $765 million to $795 million.

In the final minutes of trading on Tuesday, the company's shares hit $3.23. A year ago, they were trading at $2.73.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LC at https://www.zacks.com/ap/LC