Lending Club is crashing

Shares of online loan marketplace Lending Club are crashing after the company’s first earnings report since going public.

Lending Club reported fourth quarter earnings of $US0.01, missing expectations for earnings of $US0.02. Revenues totaled $US69.6 million, up from $US33.5 million for the same period last year.

In after hours trade on Tuesday, shares of Lending Club were down as much as 12%.

For the fiscal-year 2015, the company forecast revenues in the range of $US370 million to $US380 million, with adjusted EBITDA expected to total $US33 million to $US42 million.

In 2014, revenue for Lending Club totaled $US211 million while adjusted EBITDA came in at $US21.3 million.

In early December, Lending Club shares gained 56% on their first day of trading.

Lending Club, which has a market cap of almost $US9 billion, allows users to finance from other individuals or institutional investors and doesn’t actually make any of the loans, just makes the fees on the transactions it facilitates.

The company counts among its early investors major VC firms, and Business Insider’s Eugene Kim detailed its star-studded board and investors when the company filed for its IPO last summer.

Year-to-date, Lending Club shares were down about 6%.

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