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LendingClub Corp (NYSE:LC) posted third-quarter (Q3) preliminary results and cost-saving initiatives.
The San Francisco-based company reported preliminary Q3 revenue of $198 million-$200 million (vs. consensus of $199.42 million) and net income of $4 million-$5 million. LC projects a Q3 loan origination of about $1.5 billion.
LC also plans to reduce the cost to sail through a workforce reduction of around 14%, or 172 employees.
The company expects the initiative to result in annualized run-rate compensation and benefits savings of about $30 million to $35 million vs. Q2 2023.
LendingClub continues to "navigate the persistent and ongoing macroeconomic headwinds," LendingClub CEO Scott Sanborn said, citing higher interest rates.
"To that end, we have made the very difficult decision to streamline our workforce," he added. "Longer term, we expect marketplace revenue to rebound as we capture the historically large credit card debt refinancing opportunity."
LC is expected to release Q3 FY23 results on October 25, 2023.
Price Action: LC shares are trading higher by 6.59% at $5.82 premarket on the last check Friday.
Posted In: LC
