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Jun 30, 2022
Blend Q2 2022 Earnings Report
Blend's financial performance was led by Mortgage Banking outperformance and Consumer Banking and Marketplace growth, but offset by lower Title365 revenue.
Key Takeaways
Blend Labs, Inc. reported a total revenue of $65.5 million for the second quarter of 2022. The company is focused on gaining market share in mortgage and seeing traction in consumer banking and marketplace business. Blend is also taking actions to improve cost structure and optimize returns on innovation investments.
Consolidated revenue reached $65.5 million for the quarter.
Blend Platform segment revenue was $33.6 million, a 5% increase compared to Q2 2021.
Consumer Banking & Marketplace revenue within Blend Platform grew by 53% compared to Q2 2021, reaching $8.5 million.
Title365 segment revenue amounted to $31.9 million.
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CapyFin.com Forward Guidance
Blend updated its 2022 revenue guidance as follows: $ in millionsBlend PlatformTitle365Blend Labs, Inc. (Consolidated)Full Year 2022 Revenue Guidance$135 - 145$95 - 105$230 - 250
Positive Outlook
- Total consolidated revenue range of $230 to $250 million is unchanged
- Title365 revenue range increases to $95 to $105 million from $90 to $100 million, reflecting better than expected growth of Title365 Home Equity and Default product lines
Challenges Ahead
- Blend Platform revenue range decreases to $135 to $145 million from $140 to $150 million, reflecting expectations of increased mortgage industry volume decline