Blend Labs Q2 revenue $65.5M; records $391.8M impairment; cuts 11% of workforce

Blend Labs, Inc.

2022-Q2 EPS reported -$2.38 revenue$137,063,000

GAAP loss from operations $471.4M includes $391.8M non-cash impairment on Title365 goodwill and intangibles.
Non-GAAP loss from operations $39.5M vs $26.3M a year ago; cash and marketable securities $450.5M.
Title365 segment revenue $31.9M; Blend Platform segment revenue $33.6M (+5% YoY) despite 37% mortgage market decline.
Workforce reduction eliminates 220 positions (~11% of workforce); expects $4M charges, $27.3M annual compensation savings.
Full-year 2022 revenue guidance unchanged at $230-250M; Blend Platform lowered to $135-145M, Title365 raised to $95-105M.

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