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Jun 30, 2024
Blend Q2 2024 Earnings Report
Blend met revenue guidance and outperformed operating loss target in the second quarter of 2024.
Key Takeaways
Blend Labs, Inc. reported a total revenue of $40.5 million in Q2 2024. Consumer Banking Suite revenue reached $8 million, representing a 37% year-over-year growth. The company's GAAP net operating loss significantly decreased compared to the same period last year, and a share repurchase program of up to $25 million was announced.
Blend welcomed new mortgage customers, including Horizon Bank and First National Bank of Fort Smith.
Consumer Banking Suite generated $8 million of revenue in the quarter, representing 37% year-over-year growth.
Blend's economic value per funded loan reached a new high of $97 for the second quarter.
Blend announced a share repurchase program providing for the repurchase of up to $25 million of its Class A common stock.
Blend
Blend
Blend Revenue by Segment
Revenue by Segment
Mortgage Suite Revenue
CapyFin.comConsumer Banking Suite Revenue
CapyFin.comTotal Software Platform Revenue
CapyFin.comProfessional Services Revenue
CapyFin.com Forward Guidance
Blend is providing guidance for the third quarter of 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income