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SAN FRANCISCO - Opendoor Technologies Inc. (NASDAQ:OPEN) reported better-than-expected fourth quarter results but saw its shares fall 5.5% in after-hours trading on Thursday as the company provided disappointing guidance for the first quarter.
The real estate technology firm posted revenue of $1.08 billion for Q4, surpassing analyst estimates of $965.32 million and representing a 25% increase YoY. Adjusted loss per share came in at $0.16, slightly better than the $0.17 loss analysts had projected.
However, Opendoor’s outlook for Q1 2025 fell short of expectations. The company forecast revenue between $1 billion and $1.075 billion, well below the $1.33 billion consensus estimate.
"We enter 2025 as a leaner, more efficient business, focused on reaching sustained profitability in the coming years as we further monetize our seller funnel and build a company that can thrive despite real estate headwinds," said CEO Carrie Wheeler.
For the full year 2024, Opendoor reported revenue of $5.2 billion, down 26% from 2023. The company sold 13,593 homes during the year, a 27% decrease from the prior year.
Opendoor ended 2024 with $2.2 billion in inventory, representing 6,417 homes. This was up 22% compared to the end of 2023.
While the company made progress on reducing losses, with adjusted EBITDA improving to -$142 million from -$627 million in 2023, the weak guidance suggests challenges persist in the housing market. Investors will be watching closely to see if Opendoor can navigate the headwinds and deliver on its goal of sustained profitability.
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