LendingClub stock rallies more than 20% after Q1 profit

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LendingClub Corp. LC, -0.65% shares rose more than 20% in the extended session Wednesday after the lending and banking company swung to a first-quarter profit. LendingClub said it earned $40.8 million, or 39 cents a share, in the quarter, reversing a loss of $47.1 million, or 49 cents a share, in the year-ago quarter. Revenue rose to $289.5 million from $105.8 million a year ago. Analysts polled by FactSet expected the company to report earnings of 25 cents a share on revenue of $263 million. “We believe we are well positioned to execute on our strategy and outperform the competition while helping our members effectively navigate the ever-changing economic landscape,” Chief Executive Scott Sanborn said in a statement. LendingClub shares ended the regular trading day down 0.7%.

This article was originally published by Marketwatch.com. Read the original article here.

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