LendingClub Corp (NYSE:LC) stock was flying high today on positive results for its second quarter of 2017.
During the second quarter of the year, LendingClub Corp reported revenue of $139.60 million. This is an increase over its revenue of $103.40 million from the second quarter of the previous year. It was also good news for LC stock as it beat out Wall Street’s revenue estimate of $136.40 million for the quarter.
LC stock also got a boost today after the company updated its guidance for the full year of 2017. This includes increasing its revenue expectation for the year to between $585 million and $600 million. Analysts are expecting the company to report revenue of $589.88 million in 2017.
LC also increased its guidance for the third quarter of 2017. The company is looking for revenue to fall in the range of $154 million to $159 million. Wall Street is expecting LC to report revenue of $155.60 million for the third quarter of 2017.
LendingClub Corp reported losses per share of one penny in its second quarter of the year. This is better than its losses per share of 9 cents from the same quarter of the year prior. It also didn’t harm LC stock as it matched analysts’ losses per share estimate for the quarter.
A net loss of $25.45 million was reported by LendingClub Corp during its second quarter of 2017. The peer-to-peer lending company reported a net loss of $81.35 million in during the same time last year.
LC stock was up 11% as of Tuesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.