Shares of LendingClub Corp. fell 14% in the extended session Wednesday after the company gave 2022 earnings guidance lower than analysts expected.
LendingClub
LC,
reported earnings of $29.1 million, or 27 cents a share, in the holiday quarter, swinging from a loss of $27 million, or 29 cents a share, in the year-ago period. Sales rose to $262.2 million from $76 million a year ago. Analysts on average expected earnings of 22 cents a share on sales of $245.7 million, according to FactSet.
The company guided for first-quarter revenue between $255 million and $265 million, and full-year 2022 revenue between $1.1 billion and $1.2 billion. It expects to earn between $25 million and $30 million in the quarter, and between $130 million and $150 million in the year.
Analysts on average forecast first-quarter revenue of $257 million and full-year sales of $1.16 billion, but expected more profit than LendingClub executives. The average consensus called for first-quarter consolidated net income of $31.2 million and full-year earnings of $184.8 million, according to FactSet.
LendingClub shares more than doubled in the past year, despite a recent pullback. The S&P 500
SPX,
has increased 13.2% in the past year.
Source: https://www.marketwatch.com/story/lendingclub-stock-plummets-after-earnings-guidance-comes-in-light-11643236056?siteid=yhoof2&yptr=yahoo