NYSE$BLND
Blend Labs Inc. · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Blend's Q4 2022 financial results were announced, revealing a mix of challenges and strategic progress amidst a difficult economic environment.
Blend's Q4 2022 total revenue reached $42.8 million. The company focused on cost reduction and platform development amidst a challenging mortgage market.
- Total revenue for Q4 2022 was $42.8 million.
- Blend Platform segment revenue decreased by 19% year-over-year.
- Consumer Banking & Marketplace revenue increased by 109% year-over-year.
- The company eliminated over 780 positions since April 2022 through workforce reduction initiatives.
Headline financials
Revenue & EPS history
Blend · Revenue · Quarterly
$42.8M
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 provided Q1 2023 revenue guidance with total consolidated revenue expected to be in the range of $33 million to $35 million.
Tailwinds
- Total consolidated revenue range of $33 million to $35 million.
- Non-GAAP Net Operating Loss of $37 million to $39 million, which includes an expected $72 million decrease in annualized run rate operating expenses compared to Q1 2022.
- Estimated 58% year over year decline in mortgage volumes from Q1 2022 to Q1 2023 as projected by the Mortgage Bankers Association.
Headwinds
- Economic conditions, including those affecting the levels of real estate and mortgage activity, as well as the financial condition of some of our financial customers, remain highly uncertain.
- The company has not provided the forward-looking GAAP equivalent to our non-GAAP Net Operating Loss outlook or a GAAP reconciliation as a result of the uncertainty regarding stock-based compensation.
- The company has not provided the forward-looking GAAP equivalent to our non-GAAP Net Operating Loss outlook or a GAAP reconciliation as a result of the uncertainty regarding future prices of our stock.
- The company has not provided the forward-looking GAAP equivalent to our non-GAAP Net Operating Loss outlook or a GAAP reconciliation as a result of the uncertainty regarding non-recurring, infrequent or unusual items.
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 Q4 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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