LendingClub's Loan Originations Fell 90% in April
Lower investor demand resulted in a tough first quarter for LendingClub (NYSE: LC), which reported a roughly $48 million net loss in the quarter. That's a significantly worse result than it had in the first quarter of 2019, when it posted a net loss of roughly $19 million.
Loan originations decreased 8% on an annualized basis in the first quarter, while net revenue declined 31% year over year.
But the big problem was that the value of many of LendingClub's loans dropped significantly. The company recorded net unrealized losses on loans invested in by the company of almost $102 million, significantly higher than the roughly $35 million in unrealized losses it recorded in Q1 2019.
Source Fool.com
