LendingClub To Reduce Workforce By About 14%; Stock Up In After-hours Trading

(RTTNews) - LendingClub Corp. (LC) said it will reduce its workforce by approximately 14%, or 172 employees. The company anticipates that the actions will result in annualized run-rate compensation and benefits savings of about $30 million to $35 million compared to the second quarter of 2023.

LC closed Thursday's regular trading at $5.46 down $0.36 or 6.19%. But in the after-hours trading the stock gained $0.34 or 6.23%.

The company expects net income to be $4 million to $5 million and revenue of $198 million to $200 million for the third quarter. Analysts polled by Thomson Reuters expect the company to report revenues of $199.42 million for the third quarter. Analysts' estimates typically exclude special items.

LendingClub will report earnings for the third quarter of 2023 on Wednesday, October 25, 2023, after market hours.