LendingClub Releases Q2 2020 Earnings

LendingClub reported their Q2 earnings after the closing bell yesterday and as expected it was a significantly down quarter; the company had warned on their Q1 earnings call that originations would be down 90% and sure enough it came in close to that figure at $326 million (down from $3.1 billion in Q2 2019); revenue and adjusted EBITDA were also down with LendingClub showing a $27.6 million loss on revenue of $43.9 million compared to a $33.2 million profit on $190.8 million in revenue in Q2 2019; the company expects Q2 to be their low watermark and they are already seeing signs of growth; the company expects origination to be in the $500 million to $600 million range this quarter. Lend Academy.