LendingClub Corp (NYSE:LC) announced its quarterly earnings results late Tuesday afternoon, posting a wider-than-expected loss.
For its fourth quarter, the peer-to-peer lending company reported a loss of $92.1 million, or 22 cents per share, which was almost three times as large as the year-ago loss of $32.3 million, or 8 cents per share.
Part of Lending Club’s lack of success in the quarter came from a class-action litigation settlement expense of $77.25 million during the period following a series of class-action lawsuits filed in federal and California state courts. These arose from some legacy issues disclosed in 2016.
On an adjusted basis, the company posted earnings of a penny per share, compared to a loss of 2 cents in the year-ago quarter. Analysts were calling for adjusted earnings of 2 cents per share, according to data compiled by FactSet.
Lending Club also underwhelmed in its revenue as the company raked in $156.5 million during its fourth quarter, below Wall Street’s consensus estimate of $157.6 million, according to FactSet. The figure did increase 20% compared to the year-ago quarter.
LC stock plummeted about 7.99% after the bell Tuesday.