From Investing.com: 2024-05-02 16:53:14

Opendoor Technologies Inc. (NASDAQ: OPEN) shares surged 9% after exceeding analysts’ expectations in first-quarter earnings. The digital real estate platform reported an adjusted loss per share of -$0.16, with revenue hitting $1.2 billion, surpassing the estimate of $1.09 billion.

Despite a 62% revenue decline from last year, Opendoor sold 3,078 homes, marking a 30% increase from the previous quarter. Gross profit stood at $114 million, with an improved gross margin of 9.7% YoY.

CEO Carrie Wheeler attributed the strong quarter to customer response and efficient execution, highlighting a shift in consumer preference towards alternative home selling methods. Opendoor anticipates revenue between $1.4 billion and $1.5 billion for Q2 2024, with positive forward-looking projections.

Wheeler expressed confidence in the company’s growth trajectory for 2024, focusing on scaling acquisitions while maintaining Contribution Margin within target ranges. Investor optimism post-earnings release signifies faith in Opendoor’s performance and future prospects, evidenced by the stock price surge.



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