SAN FRANCISCO (AP) — SAN FRANCISCO (AP) — Blend Labs Inc. (BLND) on Wednesday reported a loss of $42.8 million in its second quarter.
On a per-share basis, the San Francisco-based company said it had a loss of 18 cents. Losses, adjusted for stock option expense and restructuring costs, were 9 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 13 cents per share.
The cloud-based platform for financial companies posted revenue of $42.8 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $40 million.
For the current quarter ending in September, Blend Labs said it expects revenue in the range of $38 million to $42 million.
In the final minutes of trading on Wednesday, the company’s shares hit $1.22. A year ago, they were trading at $2.93.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BLND at https://www.zacks.com/ap/BLND
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