LendingClub Releases Q2 2020 Earnings

LendingClub reported their Q2 earnings after the closing bell yesterday and as expected it was a significantly down quarter; the company had warned on their Q1 earnings call that originations would be down 90% and sure enough it came in close to that figure at $326 million (down from $3.1 billion in Q2 2019); revenue and adjusted EBITDA were also down with LendingClub showing a $27.6 million loss on revenue of $43.9 million compared to a $33.2 million profit on $190.8 million in revenue in Q2 2019; the company expects Q2 to be their low watermark and they are already seeing signs of growth; the company expects origination to be in the $500 million to $600 million range this quarter. Lend Academy.

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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