Opendoor Q2 Beats: -$0.03 EPS vs -$0.07 Est, Revenue +32% Above Street
OPEN has more than doubled off its 52-week low of $1.7.
Summary
Opendoor delivered a strong Q2 beat with EPS of -$0.03 versus consensus -$0.07 and revenue of $883M, 32% above estimates. CEO Kaz Nejatian reiterated that the company will be Adjusted Net Income positive on a 12-month forward basis by year-end, citing current contract volumes and unit economics. This follows the Q1 10-Q showing a $173M net loss and declining revenue, making the Q2 revenue rebound and narrower loss a material positive inflection. Despite the beat, shares fell 6.17% after hours, suggesting the market may be focused on the year-over-year revenue decline from $1.57B or the still-substantial $162M net loss. The upcoming annual meeting and any further guidance on cash burn will be key catalysts.
At the time of this announcement, OPEN was trading at $3.87 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $4B. The 52-week trading range was $1.70 to $10.87. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Benzinga.