LendingClub (LC) Stock Up Following Earnings Beat, Revised Outlook

NEW YORK (TheStreet) -- Shares of LendingClub (LC) are up 5.23% to $18.50 on heavy volume in late morning trading Wednesday, after the online lender reported better-than-expected first quarter earnings and raised its revenue forecast for the full year.

The online lender was helped by higher transaction fees, which jumped to $72.5 million from the year ago $35.4 million.

For the first quarter, the online lender earned 2 cents per share on revenue of $81.2 million.

Analysts on average had expected earnings of 1 cent per share, according to Thomson Reuters.

Looking ahead, LendingClub forecast second quarter revenue of between $90 million to $92 million. Analysts are expecting $87.9 million for the second quarter.

The company raised its full year revenue forecast to between $385 million to $392 million, from its previous forecast of between $370 million to $380 million. Analysts are expecting $379.4 million for the year.

About 4.99 million shares have exchanged hands as of 10:55 a.m. ET, compared to its average trading volume of about 2.03 million shares a day.

San Francisco-based LendingClub operates an online market that connects borrowers looking for loans with individuals with the money to fund them.

Its platform enables customers in investing in and obtaining personal loans by providing financial data and credit information.

LC ChartLC data by YCharts

If you liked this article you might like

Stocks Finish Mixed as Hurricane Irma Barrels Toward Florida Coast

Dow Rallies as Travelers Rebounds but Rest of Market Trails Ahead of Irma

Wall Street Turns Mixed as Hurricane Irma Watch Keeps Trading Cautious

Stock Futures Point Lower as Hurricane Irma Barrels Toward Florida

Analysts' Actions -- Bank of America, Goldman Sachs, Comcast, HP, Verizon and More