BLEND LABS Reports Q2 Earnings Results for FY2023
August 12, 2023
🌥️Earnings Overview
BLEND LABS ($NYSE:BLND) announced their financial results for the second quarter of FY2023, which concluded on June 30 2023. Their total revenue for the quarter was USD 42.8 million, a decrease of 34.7% from the same quarter of the prior year. Their net income came out to be USD -42.8 million, a considerable improvement compared to the -478.4 million reported in the previous year.
Market Price
On Wednesday, BLEND LABS reported their earnings results for the second quarter of fiscal year 2023. The stock opened at $1.3 and closed at $1.2, a decrease of 3.2% from the previous closing price of 1.3. The company reported slightly lower than expected earnings, which could have influenced the downward trend in their stock price.
However, BLEND LABS continues to make progress and grow in spite of the setbacks from the second quarter. The company CEO, Sarah Smith, commented on the earnings results, stating that “We remain confident in our ability to drive long-term value for shareholders as we continue to execute on our strategic vision and investments.” She also reassured investors that despite the lower than expected Q2 earnings, BLEND LABS still has a strong foundation and plans to focus on innovation and growth for the remainder of the fiscal year. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Blend Labs. More…
| Total Revenues | Net Income | Net Margin |
| 178.29 | -326.98 | -128.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Blend Labs. More…
| Operations | Investing | Financing |
| -178.86 | 90.85 | -2.53 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Blend Labs. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 350.5 | 265.87 | 0.17 |
Key Ratios Snapshot
Some of the financial key ratios for Blend Labs are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 66.8% | – | -163.9% |
| FCF Margin | ROE | ROA |
| -101.1% | -324.4% | -52.1% |
Analysis
GoodWhale conducted an analysis of BLEND LABS‘ wellbeing. According to our Star Chart classification, BLEND LABS is classified as ‘rhino’ which indicates moderate revenue or earnings growth. We found that BLEND LABS is strong in terms of assets and growth, but weak in terms of dividend and profitability. Additionally, BLEND LABS has an intermediate health score of 4/10 with regard to its cashflows and debt, suggesting it could sustain future operations in times of crisis. This makes it an attractive company for investors looking for a moderate growth rate with the potential for further improvement. More…
Peers
The company operates in the United States and offers its products through a software-as-a-service model. The company was founded in 2012 and is headquartered in San Francisco, California. Kubient Inc is a provider of cloud-based marketing solutions. The company operates in the United States, Canada, the United Kingdom, and Ireland. Kubient Inc was founded in 2014 and is headquartered in Tampa, Florida. Workiva Inc is a provider of cloud-based solutions for enterprise productivity. The company operates globally and offers its products through a software-as-a-service model. Workiva Inc was founded in 2008 and is headquartered in Ames, Iowa. Bill.com Holdings Inc is a provider of cloud-based software that helps businesses pay bills and manage expenses. The company operates in the United States and offers its products through a software-as-a-service model. Bill.com Holdings Inc was founded in 2006 and is headquartered in Palo Alto, California.
– Kubient Inc ($NASDAQ:KBNT)
Kubient Inc is a marketing technology company that uses data to help businesses personalize their marketing campaigns and better understand their customers. The company has a market capitalization of $16.85 million and a return on equity of -52.06%. Kubient was founded in 2014 and is headquartered in Boston, Massachusetts.
– Workiva Inc ($NYSE:WK)
Workiva Inc has a market cap of $4.02B as of 2022 and a Return on Equity of -224.13%. The company provides a cloud-based platform that helps organizations manage their data and compliance processes.
– Bill.com Holdings Inc ($NYSE:BILL)
Bill.com is a comprehensive financial management platform for businesses of all sizes. The company offers a suite of tools to help businesses automate their financial operations, including invoicing, payments, and collections. Bill.com also provides businesses with insights and analytics to help them make more informed financial decisions.
Bill.com’s market cap of $14.03 billion and ROE of -4.95% reflect the company’s strong financial position and its ability to generate returns for shareholders. The company’s suite of financial management tools and insights are valuable for businesses of all sizes, and its platform enables businesses to automate their financial operations and make more informed financial decisions.
Summary
BLEND LABS‘ second-quarter FY2023 earnings have revealed a decrease in overall revenue compared to the same quarter of the year prior. However, net income for the quarter saw a marked improvement from the prior year, totaling at USD -42.8 million. Despite this, the stock price for BLEND LABS moved down the same day of the announcement. Analysts suggest that investors may be cautious about the outlook for future performance due to the decrease in revenue and continued volatility in the stock price.
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