Lending Club crashes 22% after cutting guidance

• Lending Club, the San Francisco-based peer-to-peer online lender, crashed more than 20% in pre-market trading Wednesday to $4.27 a share.
• The company posted earnings of $0.03 per share as revenue surged 34% year-over-year to $154 million.
• The company expects a net loss in the range of $3 to $7 million for Q4 and revenue of between $158 million and $163 million.
• Tech lending companies like LendingClub have struggled to churn a profit despite gaining market share from traditional lenders in some areas.
• According to TransUnion, fintechs make up 32% of all personal loans in the US, up from 1% in 2010.

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