LendingClub (NYSE:LC) stock is falling hard on Thursday following the release of the peer-to-peer lending company’s Q4 2021 earnings report.
Let’s dive into that news below to see why holders of LC stock are dropping the shares today.
- The company starts off its earnings report with a revenue of $262.2 million.
- While that’s a 7% sequential increase, it’s still not what Wall Street was expecting.
- LendingClub needed to reach a revenue of $267.53 to match Q4 estimates.
- That revenue miss is dragging LC stock down despite its diluted earnings per share of 27 cents.
- This beat out analysts’ estimates of 22 cents per share for the period.
- Unfortunately, the company’s outlook for the full year of 2021 isn’t doing its stock any favors today.
- LendingClub is expecting 2022 revenue to range from $1.1 billion to $1.2 billion.
- At a midpoint of $1.15 billion, that’s below Wall Street’s estimate of $1.16 billion for the full year of 2022.
- Estimates for Q1 2022 are better with revenue ranging from $255 million to $265 million.
- That would see beating analysts’ revenue estimate of $258.61 million for the quarter.
LendingClub investors didn’t react positively to today’s earnings news and heavy trading has shares of the stock slipping. As of this writing, more than 18 million shares of LC stock have changed hands. That’s higher than the company’s daily average trading volume of about 3 million shares.
LC stock is down 28.2% as of Thursday afternoon and is down 35.4% since the start of the year.
There’s a wealth of additional stock market news that investors will want to know about below!
InvestorPlace offers up daily coverage of the stock market with the latest news and today is no different. Big news for Thursday include an Apifiny SPAC merger in the works, details from the Tesla (NASDAQ:TSLA) earnings event, as well as what to know about Knightscope (NASDAQ:KSCP) making its public debut. You can get all of these details, and more, from the following links!
More Stock Market News for Thursday
- Apifiny SPAC Merger: 13 Things to Know About Abri’s (ASPAU) Plans to Take the Crypto Exchange Public
- TSLA Stock: 3 Top Takeaways From the Tesla Earnings Event
- Knightscope Stock IPO: 8 Things to Know as KSCP Starts Trading Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.