LendingClub Corporation (LC) has reported a substantial increase in its second-quarter profits, surpassing Wall Street's expectations.
The company's net income rose to $14.9 million, or $0.13 per share, from $10.1 million, or $0.09 per share, in the same period last year. According to Thomson Reuters, analysts had projected earnings of $0.04 per share on average, typically not accounting for special items.
However, the company experienced a 19.5% decline in revenue, which fell to $187.2 million from $232.5 million in the previous year's second quarter.
Key Financial Highlights (GAAP):
- **Earnings (Q2):** $14.9 million versus $10.1 million last year.
- **EPS (Q2):** $0.13 versus $0.09 last year.
- **Revenue (Q2):** $187.2 million versus $232.5 million last year.
