LendingCLub drops on lower Q4 loan applications, profit miss

Happen

26/01/2023 13:50

** Financial firm LendingClub Corp  LC.N  plunges 10.5% to
$9.25 before the bell - among top losers in NYSE premarket
stocks 
    ** Co reports decline in Q4 loan originations (new loan
applications) to $2.5 bln compared with $3.1 bln a year earlier
    ** Says loan originations were impacted by higher interest
rate environment
    ** Co also misses profit estimates; reports quarterly adj.
earnings of 19 cents/shr vs analysts' estimates of 20 cents/shr 
    ** LC laid off 14% of its workforce earlier this month to
cut costs  
    ** Keefe, Bruyette & Woods cuts PT on stock to $12 from $13
on limited clarity on near-term earnings 
    ** Shares of LC fell 63.6% in 2022
 (Reporting by Shristi Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))