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LendingClub reports lower Q2 adjusted net loss YOY

LendingClub Corp. recorded second-quarter 2019 adjusted net loss of $1.2 million, or 1 cent per share, compared with $6.7 million, or 8 cents per share, in the second quarter of 2018.

The S&P Global Market Intelligence consensus normalized estimate for the most recent quarter called for a loss of 10 cents per share.

The digital lender reported second-quarter GAAP consolidated net loss of $10.6 million, compared with $60.8 million in the prior-year period. Loss per share was 12 cents for the three months ended June 30, compared with 72 cents in the same quarter of 2018.

Total net revenue was $190.8 million for the second quarter, up year over year from $177.0 million. Adjusted EBITDA was $33.2 million, compared with $25.7 million in the same period a year ago.

Loan originations during the second quarter were $3.13 billion, compared with $2.82 billion a year earlier.

For the third quarter, LendingClub expects net revenue to be in the range of $200 million to $210 million. GAAP consolidated net income and adjusted net income are expected to be in the range of zero to $5 million, while adjusted EBITDA is projected to range from $35 million to $40 million.

For the full year, LendingClub expects a net revenue range of $765 million to $795 million. GAAP consolidated net loss is projected to be between $23 million and $38 million.

The expectation for adjusted net loss is a range from $5 million to $20 million, while adjusted EBITDA is expected to be in the range of $120 million to $135 million.