Opendoor Q2 Earnings: Revenue Beat, EPS In Line, Weak Guidance Sends Shares Lower

Opendoor Technologies Inc OPEN reported second-quarter financial results after the market close on Tuesday. Here’s a look at the key metrics from the report.

Check the latest price of OPEN here.

Q2 Earnings: Opendoor reported second-quarter revenue of $1.57 billion, beating analyst estimates of $1.50 billion, according to Benzinga Pro. The company reported a second-quarter loss of one cent per share, in line with analyst estimates. Adjusted EBITDA came in positive for the first time since 2022 at $23 million.

Total revenue was up 4% on a year-over-year basis. The company said it purchased 1,757 homes in the quarter, down 63% year-over-year. Opendoor ended the period with an inventory balance of $1.5 billion and 393 homes under contract for purchase, down 78% year-over-year.

“We delivered $1.6 billion in revenue in the second quarter and achieved our first quarter of Adjusted EBITDA profitability since 2022, even as housing market conditions continued to deteriorate,” said Carrie Wheeler, CEO of Opendoor.

Guidance: Opendoor expects third-quarter revenue to be in the range of $800 million to $875 million versus estimates of approximately $1.22 billion, according to Benzinga Pro. The company anticipates a third-quarter adjusted EBITDA loss of $21 million to $28 million.

Opendoor executives will further discuss the quarter on an earnings call at 5 p.m. ET.

OPEN Price Action: Opendoor shares were up approximately 250% over the past month heading into Tuesday’s report after a hedge fund manager flagged the stock as a potential "100-bagger" over the next few years.

Opendoor shares were down 19.84% in after-hours, trading at $2.02 at the time of publication on Tuesday, according to Benzinga Pro.

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Photo: courtesy of Opendoor.