BLND - Why Blend Labs Stock Exploded Higher Tuesday Morning
Shares of Blend Labs (NYSE: BLND) charged sharply higher Tuesday, gaining as much as 38.4%. As of 2:44 p.m. ET, the stock was still up 27.5%.
The catalyst that sent the fintech specialist higher was its quarterly financial report, which detailed robust growth that far outpaced expectations.
For the second quarter, Blend Labs generated revenue of $65.5 million, up an eye-catching 104% year over year. The company's bottom line cratered, however, with a net loss of $477 million, resulting in a loss per share of $2.06. But that loss requires context.
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Why Blend Labs Stock Exploded Higher Tuesday Morning