LendingClub misses on profits by 50 percent, but the CEO says the report was “great” as growth was on track. Wall Street wasn’t buying what was being sold.
Fresh off a successful initial public offering when the stock price jumped 56 percent on the first day of trading, LendingClub stock is struggling today, down near 17 percent in morning trade, as its first earnings report disappointed but more importantly its forward guidance scared investors.
LendingClub misses earnings due to higher than anticipated costs
It wasn’t just that LendingClub reported earnings of $0.01 per share, missing by half its $0.02 earnings estimate. The issue...
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