LendingClub Corporation (NYSE: LC) announced its financial results for the fourth quarter of 2017 on Tuesday after the bell.
For the fourth quarter of 2017, net revenue increased 20% for the same period last year to $156.5 million, but missing analysts’ estimates by $1.54 million. According to the company, the increase in the revenue was mainly motivated by a higher volume of loans in the fourth quarter.
Additionally, the company reported GAAP net loss of $92.1 million for the fourth quarter. Adjusted EBITDA improved $19.9 million from the same period last year to $19.0 million for the fourth quarter. Adjusted earnings per share was $0.01 for the quarter, also missing estimates by $0.01 per share.
“2017 was a year of rebuilding and transforming our core business. We returned to growth and materially expanded and diversified our investor base. We're continuing to invest in our people, technology and products to position us for the years ahead,” Scott Sanborn, the CEO of LendingClub, said in the statement on Tuesday.
“The underlying financial performance of our business is strong and the investments we've made in 2017 position us for growth and expanded Adjusted EBITDA margins in 2018,” Tom Casey, the CFO of LendingClub, commented on Tuesday.