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Online-loan marketplace LendingClub (LC) - Get LendingClub Corporation Report  was rising more than 14% Wednesday to $3.70 after reporting a surprise profit in the first quarter, though the company's guidance was short of expectations.

LendingClub reported a 22% increase in transaction fees that led to a 15% increase in revenue to $174.4 million and adjusted earnings of 2 cents per share. Wall Street was expecting the company to report revenue of $169.4 million and a loss of 3 cents per share. 

"With 3 million borrowers served and our simplification efforts well underway, we are driving both revenue growth and margin expansion," said Scott Sanborn, CEO of LendingClub. "We will continue to deliver on our strategy and focus on the bottom line as we push towards profitability."

For the current quarter the company expects revenue between $185 million and $195 million with a loss between $6 million and $11 million. Analysts are expecting the company to generate $196.7 million in revenue and to post a loss of $3.7 million. 

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"Our simplification program is transforming LendingClub, enabling us to grow responsibly and increase our operating leverage. The actions we are taking to simplify our cost structure underpin our goal to be Adjusted Net Income profitable over the second half of 2019 with full year benefits realized in 2020," CFO Tom Casey said. 

The company is also being bolstered by an upgrade to outperform from analysts at Wedbush. 

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