Lendingclub Corporation (LC) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $36.49 million in the quarter, against a net profit of $0.95 million in the last year period. On an adjusted basis, net profit for the quarter stood at $17.86 million, or $0.04 a share compared with a net loss of $15.67 million, or $0.04 a share in the last year period. 

Revenue during the quarter went down marginally by 1.48 percent to $114.56 million from $116.28 million in the previous year period. Operating margin for the quarter stood at negative 32.03 percent as compared to a positive 1.88 percent for the previous year period.

Operating loss for the quarter was $36.70 million, compared with an operating income of $2.18 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $21.16 million compared to negative $11.15 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at 18.47 percent for the quarter compared to negative 9.59 percent in the last year period.  

"I am very pleased with our performance in the third quarter. We actively reengaged with investors of all types to deliver on our plan and enable $2 billion in loan originations," said Lending Club’s president and chief executive officer, Scott Sanborn. "While we've made incredible progress, there is still work to be done. In the months ahead we are focused on increasing the diversity and resiliency of our funding mix, realigning our resources, and regaining our operating rhythm. Today's results, along with our new executive team, and the return of banks to our platform, give me confidence as we begin our planning for 2017."

For the fourth-quarter, Lendingclub Corporation projects revenue to be in the range of $116 million to $123 million. It expects net loss to be in the range of $48 million to $38 million for the fourth-quarter.