Stock Track | LendingClub Plunges 9.04% After-Hours as High Credit Loss Provision Overshadows Revenue Beat

Stock Track01-29

LendingClub's stock experienced a significant after-hours plunge of 9.04% following the release of its quarterly financial results.

The digital banking platform reported fourth-quarter revenue of $266.5 million, which exceeded the Ibes estimate of $262.3 million. The company also posted earnings per share of $0.35 and net income of $41.6 million for the quarter.

However, investor sentiment turned negative primarily due to the company's credit loss provision of $47.2 million for the quarter, which raised concerns about loan quality and future performance. The substantial provision appeared to overshadow the positive revenue beat in after-hours trading.

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