LendingClub posts fourth straight quarter of loss

Reuters News
Posted: May 04, 2017 4:12 PM

(Reuters) - Online lending platform operator LendingClub Corp reported its fourth straight quarterly loss as it processed fewer loans, and costs rose.

The San Francisco-based company reported a net loss of $29.8 million, or 7 cents per share, for the first quarter ended March 31, compared with a profit of $4.1 million, or 1 cent per share, a year earlier.

Net operating revenue fell 18.3 percent to $124.5 million.

LendingClub has been on a revival mode since last May when an internal probe found the company had falsified documentation when selling $22 million of loans to an investor, leading to the ouster of its former Chief Executive Renaud Laplanche.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Maju Samuel)