LendingClub is diving after earnings miss
LendingClub shares fell by as much as 8% in after-hours trading on Monday after the company reported worse-than-expected earnings and some management changes.
The peer-to-peer lender reported an adjusted loss per share of $0.09 for the second quarter, greater than the $0.03 analysts had expected, according to Bloomberg.
Its net revenues beat expectations at $103.4 million ($100.6 million expected).
Former CEO Renaud Laplanche stepped down in May after an investigation into improper lending practices. New York regulators subpoenaed the fintech company over the interest rates and fees it charges customers.
On Monday, LendingClub announced that CFO Carrie Dolan resigned "to pursue a new opportunity." The company said she brought up her departure earlier in the year but the board asked her to wait in May amid the shakeup at the top.
Also, Timothy Mayopoulos, president and CEO of Fannie Mae, was appointed to the company's board as an independent director.
More to come ...
