LendingClub Posts Q3 Results, Plans To Cut Headcount As Loan Originations Hover $1.5B
Portfolio Pulse from Lekha Gupta
LendingClub Corp (LC) has released its preliminary Q3 results, reporting a revenue of $198-$200 million and a net income of $4-$5 million. The company also plans to cut its workforce by 14%, which is expected to result in annualized savings of $30-$35 million by Q2 2023. LC shares are trading higher by 6.59% in premarket trading.
October 13, 2023 | 1:38 pm
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POSITIVE IMPACT
LendingClub's Q3 results and cost-saving initiatives, including a 14% workforce reduction, are expected to positively impact its financial performance. The news has already resulted in a 6.59% increase in premarket trading.
LendingClub's Q3 results are in line with consensus estimates, indicating stable performance. The planned workforce reduction is a cost-saving measure that is expected to result in significant annual savings, which is likely to improve the company's financial health and appeal to investors. This news has already had a positive impact on the company's stock price, with a 6.59% increase in premarket trading.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100