Opendoor Technologies Q2 Earnings: Revenue Beat, EPS Beat, Weak Guidance Due To 'Additional Slowing In Housing Market'

Opendoor Technologies Inc OPEN shares are tumbling in Thursday’s after-hours session.

The San Francisco-based company reported financial results for the second quarter. Here’s a rundown of the print.

• Q2 Revenue: $1.511 billion, versus estimates of $1.468 billion
• Q2 EPS: Loss of 4 cents, versus estimates of for loss of 11 cents

“We are proud of our second quarter performance and the progress we’ve made in building a platform where all customers can begin their home selling journey. Revenue, Contribution Margin, and Adjusted EBITDA exceeded the high end of our guidance, and our acquisitions outperformed expectations, growing nearly 80% year-over-year,” said Carrie Wheeler, CEO of Opendoor.

“During the back half of the second quarter, we began responding to signals that indicated additional slowing in the housing market. We are making decisions that appropriately balance growth, margin, and risk in what continues to be a challenging environment,” Wheeler added.

See Also: DoorDash Q2 Earnings: Revenue Beat, EPS Miss, Total Orders Up 19%, Results Reflect ‘Years Of Investment And Product-Level Focus’

Outlook: Opendoor said it expects third-quarter revenue to be in the range of $1.2 billion to $1.3 billion versus estimates of $1.59 billion, according to Benzinga Pro. The company anticipates a third-quarter adjusted EBITDA loss of 60 million to 70 million.

Shares appear to be responding negatively to the combination of weak guidance paired with cautious commentary about the housing market.

OPEN Price Action: Opendoor shares were down 14.6% after hours at $1.82 at the time of publication, according to Benzinga Pro.

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