Blend Labs, Inc. (BLND) experienced a remarkable 5.44% surge in its stock price on November 7, 2024, driven by the company's impressive third-quarter earnings report and the achievement of a significant milestone – its first quarter of non-GAAP operating profitability as a public company.

The financial technology firm, which provides digital lending software solutions, reported strong revenue growth of 11.3% year-over-year, reaching $45.18 million. This outperformed analyst expectations of $41.91 million. Additionally, Blend Labs posted breakeven results on a non-GAAP earnings per share basis, surpassing analyst forecasts of a 2-cent loss.

One of the key highlights contributing to Blend Labs' stock price surge was the company's consumer banking business, which experienced a remarkable 54% year-over-year growth. This segment, which includes products like home equity lending, deposit account opening, and new membership services, has emerged as a significant growth driver for the company.