Skip to main content

NEW YORK (TheStreet) -- LendingClub (LC) - Get Free Report shares are up 2.71% to $14.20 in morning trading on Wednesday following the release of the online investment marketplace's second quarter results yesterday.

The San Francisco-based company reported second quarter loan origination of $1.91 billion compared to $1.01 billion last year, yielding earnings of 3 cents per share on an adjusted basis.

Operating revenue for the period increased 98% year over year to $96.1 million.

Analysts on average were expecting the company to report earnings of 2 cents per share on revenue of $91.6 million.

For the current quarter the company provided revenue guidance between $106 million and $108 million, with revenue for the year expected to be between $405 million and $409 million.

LendingClub previously provided full year guidance between $385 million and $392 million.

"The second quarter was another example of how our diversified borrower channel and investor mix is driving fast and efficient growth. We continue to see improving sales and marketing efficiency in our standard personal loan product and we saw better than expected acceptance and response rates in our custom products," said CFO Carrie Dolan.

Image placeholder title

LC

data by

YCharts