Blend Labs jumps after smaller-than-expected Q2 loss
09/08/2024 16:23
** Shares of digital banking software platform Blend Labs
BLND.N jump as much as 53.9%, hitting their highest since May
2022; last up 34% at $3.61
** After market close on Thursday, BLND posted Q2 adjusted
loss of 2 cents/shr compared to Wall Street expectations of 4
cents/shr loss - LSEG data
** Q2 revenue of $40.5 mln was slightly ahead of consensus,
driven by renewal and expansion activity in BLND's mortgage
business
** BLND signed up several new mortgage customers in Q2,
including $8 bln Horizon Bank, as well as community lender First
National Bank of Fort Smith
** Expect second half of 2024 to be pivotal as the mortgage
market recovers - BLND
** BLND also unveiled its first ever share buyback program
of up to $25 mln
** Analysts say BLND is on its path to breakeven
profitability in Q4 2024 given cost control is a top focus for
the firm
** Stock up 40.2% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))