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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.
Revenue by Segment
Forward Guidance
Blend is providing guidance for the third quarter of 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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