HomeFinancial MarketsBlend Labs Inc. (BLND) stock plunge during after-hour trading session. Here’s the...

Blend Labs Inc. (BLND) stock plunge during after-hour trading session. Here’s the update.

Blend Labs Inc. (NASDAQ: BLND) stock gained by 1.44% at last close whereas the BLND stock price declines by 15.32% in the after-hours trading session. Blend’s cloud banking system is built to support any financial product’s end-to-end customer experience, from application to closing. Wells Fargo, U.S. Bank, and over 310 other financial services companies utilize their technology to attract more customers, boost efficiency, and strengthen connections.

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BLND stock, Financial Highlights

Blend Labs announced its second quarter 2021 financial results. Given below is the summary:

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  • Revenue increased by $10.1 million, or 46 percent, year over year to $32.1 million.
  • Operating loss was $39.6 million which is a rise from $20.8 million the previous year.
  • A non-GAAP loss from operations of $26.3 million was reported, compared to $16.4 million the year before.
  • The total number of banking transactions increased by 51% year over year to over 520,000.

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Nima Ghamsari, co-founder and head of Blend commented,

They managed to strengthen their client base and expand inside existing customers in the second quarter, completed a major acquisition that will expedite the growth of their platform, and completed a successful IPO with high investor support and understanding. Consumers today demand proactive financial services solutions that are on pace with the rest of their digital lives, and he is convinced that by working together, they can help their clients meet and surpass these growing expectations.

BLND stock’ Business Updates

  • They just completed the purchase of Title365, and the integration process is well underway.
  • They now serve 32 of the top 100 financial services businesses in the United States in terms of assets under management, rise from 31 at the end of 2020, and 28 of the top 100 non-bank mortgage lenders in the United States, up from 24 at the end of 2020.
  • Cooper, a top-15 mortgage lender in the United States (mortgage, title, and closure), KeyBank, a top-20 bank in the United States, Bilt Technologies (credit card), and BECU, one of the nation’s largest credit unions, are among the new customers.
  • They strengthened existing connections with big customers such as Utah Community Credit Union, Fairway Independent Mortgage, a top-10 mortgage lender in the United States, and BMO Harris Bank, a top-25 bank in the United States (personal loan).

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Future Outlook

  • The revenue range is projected to be $226-$232 million.
  • Pro forma revenue, which includes Title365’s contribution, is projected to be in the region of $365-$371 million assuming the purchase is finalized on December 31, 2020.

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