SAN FRANCISCO (AP) _ LendingClub Corp. (LC) on Tuesday reported a loss of $10.7 million in its second quarter.
On a per-share basis, the San Francisco-based company said it had a loss of 12 cents. Losses, adjusted for non-recurring costs, came to 1 cent per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 10 cents per share.
The company that connects borrowers and lenders online posted revenue of $190.8 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $191.7 million.
LendingClub shares have dropped 1% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $13, a decrease of 34% in the last 12 months.