Second quarter revenue was $65.5 million, bringing our first half 2022 revenue to $137.1 million. Grew total consumer banking transactions by more than 138,000 transactions year-on-year to approximately 215,000 in 2Q22 Increased adoption of multiple product lines, with 71% of our total customer base using two or more of Blend’s products, as compared to 59% in 2Q21 Second Quarter Customer and Product AchievementsĮxpanded our total customer base to 354 customers Recorded a $391.8 million impairment of intangible assets and goodwill related to our Title365 reporting unit based on its fair value as of June 30, 2022 Title365 segment revenue was $31.9 million Within Blend Platform, 2Q22 Consumer Banking & Marketplace revenue of $8.5 million, up by $2.9 million, or 53%, as compared 2Q21, which is led by continued adoption of close and income verification products, as well as growth in home equity volume These steps will best position Blend to enable our financial institution partners to build deeper relationships with their customers at a lower cost, and in turn create long-term value for our shareholders.”Ĭonsolidated revenue of $65.5 million for the quarterĢQ22 Blend Platform segment revenue of $33.6 million, up by $1.5 million, or 5%, as compared to 2Q21, against a 37% decline in mortgage market volume in the same period, as measured by the Mortgage Bankers AssociationĢQ22 Mortgage Banking revenue of $23.9 million, down by $1.5 million, or 6%, as compared to 2Q21 “We are addressing the challenging market conditions by playing to win long-term, taking decisive actions to improve our cost structure and optimizing returns on our innovation investments. “Blend continues to gain market share in mortgage, and we are seeing traction in our consumer banking and marketplace business amid a highly uncertain mortgage banking and economic environment,” said Nima Ghamsari, Head of Blend. (NYSE:BLND), a leader in cloud banking software, today announced its second quarter 2022 financial results. Begin your TipRanks Premium journey today.SAN FRANCISCO-( BUSINESS WIRE)-Blend Labs, Inc. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. See today’s best-performing stocks on TipRanks > Ultimately, Ng believes that Blend Lab’s product execution, cost savings initiatives, and the expected recovery in the US housing market will bolster the company’s growth and cash flow profile. Lastly, Ng sees potential for Blend Labs’ expansion into smaller lenders, industry partnerships, and international markets, particularly Canada and Europe. This would alleviate any concerns regarding the term loan due in July 2026. Additionally, the recovery in US mortgage originations is expected to spur the company’s Mortgage Suite revenue.įurthermore, Ng is confident in Blend Labs’ cost-saving measures, which should help reduce operating expenses substantially by 2024, thus facilitating improved EBIT and FCF margins by 2026. This growth projection is largely based on Blend Labs’ diversification into credit cards, deposits, personal loans, and auto, along with the heightened platform fee revenue from Blend Builder. Primarily, he projects robust growth for the company, underpinned by an optimistic 2026 mid-term target which sees a substantial increase in revenue, gross margins, EBIT margins and Free Cash Flow margins. Mike Ng has assigned a Buy rating to Blend Labs, based on several key factors. Blend Labs ( BLND) has received a new Buy rating, initiated by Goldman Sachs analyst, Mike Ng.
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