Opendoor’s Mixed Q3 Results Trigger Stock Decline Despite Revenue Beat
Opendoor Technologies reported Q3 revenue of $915 million, surpassing analyst estimates by 7.8% but marking a 33.6% year-over-year decline. The company's GAAP loss of $0.12 per share missed expectations by 68.5%, while adjusted EBITDA came in at negative $33 million, well below projections. Shares dropped 8.5% post-earnings as investors reacted to the disappointing profitability metrics.
New CEO Kaz Nejatian outlined a strategic pivot toward software and AI, targeting breakeven by late 2026. The market appeared skeptical of this long-term vision despite Q4 EBITDA guidance of $45 million dramatically exceeding consensus estimates. Opendoor's transition from iBuying to tech services faces scrutiny amid persistent macroeconomic headwinds in residential real estate.
