Shares of residential real estate e-commerce platform Opendoor Technologies (NASDAQ:OPEN) are down nearly 11% at the time of writing today after the company announced second-quarter numbers.
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Opendoor’s Q2 revenue plummeted 52.9% year-over-year to $1.98 billion but came in ahead of expectations by $140 million. EPS at $0.03 too landed better than estimates by $0.31. At 2,680, the company purchased 81% fewer homes than in the year-ago period. Further, the number of homes it sold also declined by 49% year-over-year to 5,383. It finished the quarter with 1,390 homes under a purchase contract clocking an 82% decline over the prior year.
Carrie Wheeler the CEO of Opendoor noted that amid a tough macroenvironment, the company is seeing positive unit economics on its new book of inventory and and a return to positive contribution levels is expected in the coming quarter.
Looking ahead, for the third quarter, revenue is anticipated between $950 million and $1 billion. Adjusted EBITDA loss for the quarter is expected to hover between $60 million to $70 million.
Overall, the Street has a $3.81 consensus price target on Opendoor alongside a Hold consensus rating. Short interest in the stock is currently hovering at nearly 12.2%.
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