Shares of Lending Club jumped 18% on Monday after beating expectations for Q3 and announcing a partnership with the National Bank of Canada, who will spend up to $1.3 billion over the next 12 months on loans
Just six months ago, Lending Club lost more than half of its value after its iconic CEO was involved in one of the biggest scandals in the financial tech industry. Now the company is staging a comeback, with shares jumping nearly 18% on Monday after reporting better-than-expected quarterly results and announcing a major partnership with the National Bank of Canada. Lending Club’s third quarter adjusted per-share loss came in at $0.04 a share, beating Street estimate of a loss of $0.07 a share. Its revenue was $114.56 million, exceeding analysts’ $103.3 million estimate. Loan originations, an important metric used by Lending Club investors, were $1.97 billion, slightly higher than the second quarter’s $1.95 billion, but much lower than the $2.2 billion extended in the year-ago period.
unknownx500
