Net revenue increased 16% to $181.5 million driven by higher volume of loan originations. Loan originations of $2.9 billion, up 18% year-over-year.
Looking ahead into the full year 2019, the online lending platform which connects borrowers and investors expects net revenue in the range of $765 million to $795 million and the net loss in the range of $29 million to $9 million. Adjusted EBITDA is predicted to be in the range of $115 million to $135 million.
For the first quarter of 2019, the company predicts net revenue in the range of $162 million to $172 million and the net loss in the range of $20 million to $15 million. Adjusted EBITDA is projected to be in the range of $13 million to $18 million.
The company said it is focused on margin expansion and responsible growth in 2019 while preparing for uncertain macroeconomic conditions. LendingClub targets adjusted net income profitability over the second half of 2019, supported by its cost structure simplification program.
As the company continues to build its investor programs, it uses cash to accumulate loans for future transactions. Loans held for sale by the company at the end of the fourth quarter of 2018 were $840 million, which included about $300 million in loans for consolidation related to its company-sponsored securitization transaction that occurred in the fourth quarter of 2018.
Shares of LendingClub ended Tuesday’s regular session up 1.40% at $3.61 on the NYSE. Following the earnings release, the stock inched down over 3% in the after-market session.