Why Opendoor Shares Are Surging After Hours

Opendoor Technologies Inc OPEN shares are trading higher in Thursday's after-hours session after the company reported better-than-expected financial results and issued guidance above analyst estimates.

Opendoor said first-quarter revenue grew 590% year-over-year to $5.2 billion, which beat the $4.29 billion estimate. The company reported quarterly earnings of 4 cents per share, which beat the estimate for a loss of 13 cents per share.

"We are proud to report our first quarter of positive net income as we exceeded our expectations across all of our key metrics," said Eric Wu, co-founder, and CEO of Opendoor. 

Opendoor said it expects second-quarter revenue to be between $4.1 billion and $4.3 billion versus the $3.93 billion estimate. Adjusted EBITDA is expected to be in the range of $170 million to $190 million. 

Opendoor is a digital platform for residential real estate. The company's mission is to empower everyone with the freedom to move.

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OPEN 52-Week Range: $6.15 - $25.32

The stock was up 15.40% in after-hours at $8.25 at press time.

Photo: PhotoMIX-Company from Pixabay.