NYSE$BLND
Blend Labs Inc. · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Blend's Q3 2022 results reflected steady progress, customer wins, high revenue retention, and increased mortgage banking market share amidst challenging economic conditions.
Blend Labs, Inc. reported a total revenue of $55.4 million in Q3 2022. The Blend Platform segment revenue increased by 3% year-over-year, while Title365 segment revenue decreased by 65% year-over-year. The company is managing costs and diversifying revenue sources through growth in Consumer Banking & Marketplace offerings.
- Consolidated revenue was $55.4 million for the quarter.
- Blend Platform segment revenue reached $36.1 million, up 3% year-over-year.
- Consumer Banking & Marketplace revenue increased by 132% compared to Q3 2021, led by $6.1 million in migration of software-enabled title revenue.
- Market adjusted net revenue retention increased to 190%.
Headline financials
Revenue & EPS history
Blend · Revenue · Quarterly
$55.4M
Revenue by segment
Blend · $28.6M total across 3 segments · Q3 2023
- Mortgage Suite$20.3M—70.9%
- Consumer Banking Suite$6.2M—21.6%
- Professional Services$2.14M+147.1%7.5%
Forward guidance
Blend updated its 2022 revenue guidance with a total consolidated revenue range of $235 million to $240 million. This reflects the strength of their performance amidst the expected reduced industry mortgage volumes.
Tailwinds
- Total consolidated revenue range of $235 million to $240 million.
- Narrowing the range of consolidated revenue, reflecting the strength of our performance amidst the expected reduced industry mortgage volumes.
- Full year guidance now reflects 56% yearly decline in full year mortgage volumes from 2021 to 2022 as projected by the Mortgage Bankers Association, compared to 41% projected decline as of last quarter.
Headwinds
- Economic conditions, including those affecting the levels of real estate and mortgage activity, remain highly uncertain.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2022
+1.6%
Avg return
Earnings day
+0.4%
Avg return
5 days after
-7.0%
Avg return
30 days after
50%
12 / 24 earnings
Positive
+40.1%
Q1 2023
Best reaction
-37.9%
Q4 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.9% | -11.9% | +0.6% | |
| Q4 2025 | +11.8% | -9.8% | -12.9% | |
| Q3 2025 | -7.5% | -6.8% | -3.4% | |
| Q1 2025 | +7.3% | +9.7% | +13.7% | |
| Q4 2024 | -10.8% | -11.4% | +1.4% | |
| Q3 2024 | +16.8% | +25.0% | +40.8% | |
| Q2 2024 | +23.6% | +40.8% | +25.8% | |
| Q1 2024 | +15.4% | +16.2% | +10.4% | |
| Q4 2023 | +7.7% | +24.5% | -3.1% | |
| Q3 2023 | -3.5% | -14.8% | +12.7% | |
| Q2 2023 | +13.5% | +7.1% | -11.9% | |
| Q1 2023 | +40.1% | +36.8% | +46.3% | |
| Q4 2022 | -37.9% | -32.7% | -48.2% | |
| Q3 2022 | +11.8% | +16.6% | -33.7% | |
| Q2 2022 | +16.8% | +2.0% | +1.6% | |
| Q1 2022 | +27.3% | +18.0% | +2.8% | |
| Q4 2019 | -20.3% | -17.3% | -28.4% | |
| Q4 2021 | -20.3% | -17.3% | -28.4% | |
| Q3 2020 | -5.6% | -8.6% | -40.8% | |
| Q3 2021 | -16.7% | -16.5% | -47.2% | |
| Q4 2020 | -8.7% | -8.7% | -16.0% | |
| Q2 2020 | -8.7% | -8.7% | -16.0% | |
| Q1 2021 | -8.7% | -8.7% | -16.0% | |
| Q2 2021 | -7.4% | -13.1% | -17.4% | |
| Q1 2020 | — | — | — |
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