Why Opendoor Technologies Stock Was Falling Today
Shares of Opendoor Technologies (NASDAQ: OPEN) were having a rude awakening this morning after the home-flipping specialist gave a disappointing second-quarter earnings report.
As of 10:32 a.m. ET, the stock was down 24% as the company beat estimates in the quarter but offered weak guidance.
As the housing market has slowed substantially, Opendoor's revenue has fallen sharply as well. Revenue in the quarter was down 53% to $1.98 billion, which was still better than the consensus at $1.84 billion. Homes sold fell by nearly half to 5,383 in the quarter, while homes purchased was down by 81% to 2,680. It expects to purchase roughly 3,000 homes a quarter through the end of the year.
Source Fool.com
