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 Samuel)
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