Opendoor Reports Q2 Results, Says 'Everything is Up, Except Costs'

Opendoor Technologies Inc. (NASDAQ:OPEN) posted its second-quarter results after Tuesday’s closing bell with a narrower-than-expected loss per share and revenue above estimates.  

Here’s a look at the details inside the report. 

• OPEN stock is moving. Watch the price action here.

Opendoor Q2 Details   

Opendoor reported quarterly losses of three cents per share, which beat the consensus estimate for losses of seven cents, according to Benzinga Pro data.

Quarterly revenue clocked in at $883 million, which beat the Street estimate of $666.54 million by 32.48%, but was down from $1.57 billion in the same period last year.

“For three quarters, I’ve been saying Opendoor will be ANI positive on a 12-month go-forward basis at the end of this year,” said CEO Kaz Nejatian.

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“You no longer have to take my word for it. Run Q2 forward. At current contract volumes and unit economics, and with our existing cost base, we will generate positive Adjusted Net Income as those acquisition cohorts flow through to resale,” Nejatian added.

OPEN Stock Price Activity: According to data from Benzinga Pro, Opendoor stock was down 6.17% to $3.87 in Tuesday’s extended trading.  

Photo: Shutterstock