Opendoor Stock Dropped 19% in July Amid Revenue Miss and Weak Outlook

Earnings
โดย The Motley Fool·US·Read original
Summary · why it matters

Opendoor Technologies shares fell 19% in July as the market worried about high interest rates and the company's ability to rebound, with the stock sliding further after its second-quarter earnings report on August 4. Revenue of $883 million missed Wall Street's $905.9 million estimate, and management guided for 20% year-over-year growth, below the 25% analysts expected. Despite the miss, CEO Kaz Nejatian's strategy shift toward volume over spread showed momentum: revenue rose 23% quarter over quarter, gross margin improved from 8.2% to 9.7% year over year even as gross profit dropped from $128 million to $86 million, and home acquisitions jumped 77% from the prior quarter to 4,378 homes. The company also reduced operations expense per acquisition close from $5,000 to $3,000 and cut the share of homes on the market for 120 days or more to 9%, well below the 27% industry average. Management said it is already profitable on an adjusted EBITDA basis on a 12-month go-forward view and expects to reach adjusted net income profitability by year-end.

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