Why On Deck Capital Stock Jumped More Than 20% on Monday
Shares of On Deck Capital (NYSE: ONDK) were up more than 21% as of 3:15 p.m. EDT, after the company announced a smaller net loss during the second quarter and a promising expansion in its partnership with JPMorgan Chase (NYSE: JPM). Shares of LendingClub (NYSE: LC), its primary rival in the world of online lending, rose 7%, as investors see On Deck's recent performance as a good omen for the industry as a whole.
On Deck Capital reported a net loss of $2.6 million in the second quarter, far better than the $18.7 million loss it posted during the year-ago period. A combination of rising net revenue (total revenue less interest expense and provisions for loan losses) and declining operating expenses drove its improved bottom line on a GAAP accounting basis. On an adjusted basis, On Deck reported net income of $1.5 million during the quarter, compared to a $14 million loss a year ago.
Image source: On Deck Capital.
Source: Fool.com
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