Blend Labs, Inc. (NYSE: BLND) saw its stock skyrocket by 6.98% on November 8th, 2024, fueled by impressive third-quarter financial results and a bullish outlook for the software company.
The company reported Q3 2024 revenue of $45.2 million, up 11% year-over-year, surpassing analyst expectations by 7.7%. Notably, Blend Labs achieved profitability for the first time, posting a net income of $3.36 million and a profit margin of 7.4%. Earnings per share of $0.013 also exceeded analyst estimates.
Blend Labs' management provided an optimistic outlook, forecasting an average annual revenue growth of 19% over the next three years, outpacing the industry average of 12%. This growth projection, coupled with the company's better-than-expected financial performance, boosted investor confidence and drove the stock's surge.
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