Net revenue increased 15% to $174.4 million driven by higher volume of loan originations. Loan originations of $2.7 billion, up 18% year-over-year with application growth of 31%.
Looking ahead into the second quarter of 2019, the company expects net revenue in the range of $185 million to $195 million and net loss in the range of $11 million to $6 million. Adjusted EBITDA is projected to be in the range of $25 million to $30 million.
For the full year 2019, the online lending platform which connects borrowers and investors still expects net revenue in the range of $765 million to $795 million and adjusted EBITDA in the range of $115 million to $135 million. The net loss outlook is expected to be in the range of $37 million to $17 million and adjusted net loss estimates are anticipated to be in the range of $29 million to $9 million.
Also read: First Data Q1 earnings report
The company said it will continue to deliver on its strategy and focus on the bottom line as it pushes towards profitability. LendingClub targets adjusted net income profitability over the second half of 2019, supported by its cost structure simplification program.
For the first quarter, data-driven improvements in demand generation helped grow applications 31% year-over-year. 73% of customers went from application to approval within 24 hours, up from 57% in the first quarter of 2018, helping to increase conversion rates. Almost 40% of loans purchased by investors in the first quarter of 2019 were through structured program channels developed by LendingClub over the last 18 months.
Shares of LendingClub ended Tuesday’s regular session down 4.17% at $3.22 on the NYSE. Following the earnings release, the stock inched down over 1% in the after-market session.