Opendoor Technologies Inc (NASDAQ:OPEN) reported financial results for the third quarter after the market close on Thursday. Here’s a rundown of the report.
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Q3 Highlights: Opendoor reported third-quarter revenue of $915 million, beating analyst estimates of $849.59 million, according to Benzinga Pro. The company reported a third-quarter loss of eight cents per share, missing estimates for a loss of seven cents per share.
Opendoor said it purchased 1,169 homes in the quarter, down from 3,504 year-over-year. The company also sold 2,568 homes, down from 3,615 in the prior year’s quarter.
“We are refounding Opendoor as a software and AI company. In my first month as CEO, we’ve made a decisive break from the past — returning to the office, eliminating reliance on consultants, and launching over a dozen AI-powered products and features that demonstrate our renewed velocity,” said Kaz Nejatian, CEO of Opendoor.
“Our business will succeed by building technology that makes selling, buying, and owning a home easier and more joyful — not from charging high spreads and hoping the macro saves us.”
What’s Next: Opendoor said it expects revenue in the fourth-quarter to decrease 35% quarter-over-quarter as the company rebuilds Opendoor. The company also anticipates a fourth-quarter adjusted EBITDA loss in the “high $40 millions to mid $50 millions.”
Opendoor executives will further discuss the company’s quarterly results on an earnings call at 5 p.m. ET. A link to the call has been provided below.
OPEN Price Action: Opendoor shares were down 10.21% in after-hours, trading at $5.84 at the time of publication on Thursday, according to Benzinga Pro.
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