BLND - Blend Labs stock drops 14% after worse-than-expected Q3 loss

Blend Labs (NYSE:BLND) stock skids down 14% after the banking software provider's Q3 earnings fell short of the consensus. Q3 GAAP loss per share of $0.38, unchanged from the year-ago quarter, came in wider than the $0.11 loss consensus estimate. Non-GAAP net loss of $26.9M widened from a loss or $14.0M in the year-ago quarter. The company also changed the accounting method applied to revenue from its recently acquired Title 365 business. Q3 total revenue of $89.6M, net of $4.2M of underwriter commissions related to Title365, still beat the $86.2M average analyst estimate; under Title365's predecessor accounting policy, total revenue would have been $93.8M. In addition, Blend Labs (BLND) revises its FY2021 revenue guidance to incorporate revenue from the Title365 acquisition. It now expects pro forma revenue of $376M-$386M for full-year 2021, up from its previous range of $365M-$371M and higher than the $369.1M consensus estimate. Its GAAP revenue guidance for the year increases

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Blend Labs stock drops 14% after worse-than-expected Q3 loss