On Thursday, LendingClub reported earnings of 4 cents a share for the third quarter, above analysts' estimates of 2 cents a share for the quarter. Revenue grew 104% year over year to $115.1 million for the quarter, beating analysts' estimates of $107.95 million.
"We had another spectacular quarter, with revenue growth re-accelerating from 98% to 104%, and EBITDA jumping 181% year-over-year to reach 18.4% margin ," Founder and CEO Renaud Laplanche said in a statement. "With over 1.2 million customers, continuously high customer satisfaction, strong credit performance, increased marketing efficiency and lower customer acquisition costs, we are continuing to observe tremendous network effects and benefits of scale."
The company said it now expects revenue of $128 million to $130 million for the fourth quarter, up from its previous guidance of $122 million to $124 million. Analysts expect LendingClub to report earnings of $123.06 million in the fourth quarter.