Shares of Blend Labs, Inc. (NYSE: BLND) surged by 5.63% on November 8th, 2024, as the software company reported impressive third-quarter financial results and received a bullish rating from an analyst.
Blend Labs reported Q3 2024 revenue of $45.2 million, up 11% year-over-year, surpassing analyst expectations. The company also achieved profitability for the first time, with a net income of $3.36 million and a profit margin of 7.4%. Earnings per share of $0.013 exceeded analyst estimates as well.
The strong financial performance was welcomed by investors, fueling the stock's rally. Blend Labs' management highlighted the company's growth prospects, forecasting an average annual revenue growth of 19% over the next three years, outpacing the industry average of 12%.
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