May 4 Online lending platform operator
LendingClub Corp reported its fourth straight quarterly
loss as it processed fewer loans, and costs rose.
The San Francisco-based company reported a net loss of $29.8
million, or 7 cents per share, for the first quarter ended March
31, compared with a profit of $4.1 million, or 1 cent per share,
a year earlier.
Net operating revenue fell 18.3 percent to $124.5 million.
LendingClub has been on a revival mode since last May when
an internal probe found the company had falsified documentation
when selling $22 million of loans to an investor, leading to the
ouster of its former Chief Executive Renaud Laplanche.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Maju