LendingClub slides after Q4 guidance lowered
Shares of LendingClub are lower in early trading after the company reported at its investor day meeting that it is downwardly adjusting its Q4 revenue and adjusted EBITDA outlook, saying it now expects a ($3M) timing impact to both its revenue and EBITDA from holding the residual from its recent securitization. The company now sees Q4 revenue of $155M-$160M, down from its prior view of $158M-$163M, and adjusted EBITDA of $16M-$20M, down from $19M-$23M. The Q4 consensus revenue view is $160.6M. For FY17, LendingClub sees revenue of $573M-$578M, compared to consensus of $577.3M. For FY17, adjusted EBITDA is guided at $42M-$46M, according to investor day presentation slides. In morning trading while the company conducts its investor event, LendingClub shares are down 14% to $3.64.