LendingClub slips after quarterly profit falls below estimates

Happen

25/01/2023 23:36

** Financial firm LendingClub Corp  LC.N  dips 3.3% to $10
in after-hours trading on Wednesday
    ** Excluding items, co earned 19 cents a share for the three
months ended Dec 31, below analysts' estimates of 20 cents a
share, according to data from Refinitiv
    ** Co also said it implemented a significant cost-reduction
plan and streamlined operations due to a "more challenging
environment"
    ** Earlier this month, co said it laid off 14% of its
workforce, or 225 employees, joining several financial firms
which cut costs as threats of a recession loom large 
    ** As of previous close, shares up 17.5% YTD
 (Reporting by Mehnaz Yasmin in Bengaluru)
 ((Mehnaz.Yasmin@thomsonreuters.com))