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Opendoor Technologies Faces Volatility After Strategic Shift and Disappointing Guidance
Opendoor Technologies Faces Volatility After Strategic Shift and Disappointing Guidance
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BTCCSquare news:
Opendoor Technologies (OPEN -26.39%) shares have plunged following its Q2 earnings report, with a 20% drop triggered by weak guidance and a pivot away from its direct-to-consumer model. Revenue reached $1.6 billion, up 4% year-over-year, while home sales ROSE 5% to 4,299 units. Gross margin narrowed slightly to 8.2%, and net losses improved to $29 million from $92 million a year earlier.
Wall Street remains skeptical of the company's transition to an agent-assisted sales approach. Adjusted net losses narrowed to $9 million, but forward revenue projections suggest significant contraction. The market reaction underscores broader concerns about execution risks in Opendoor's new strategy.
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