"Opendoor's fourth-quarter results painted a mixed picture . The company managed to beat revenue expectations, bringing in $736 million, well above the roughly $594 million analysts had forecast. Still, that figure represented a steep 20% drop from the previous quarter and a 32% decline from the same period a year earlier. Gross profit came in at $57 million, lifting the gross margin slightly to 7.7%, but net losses ballooned to $1.1 billion, driven mostly by a large $933 million non-cash charge related to refinancing convertible notes."
"Opendoor Technologies ( NASDAQ:OPEN ) released its fourth-quarter earnings after the market closed on Thursday, and the stock jumped 7.5% the next day to close at $5.00 per share. The rally came from excitement over the company's faster iBuying program. Home purchases rose 46% from the prior quarter to 1,706 properties, showing efforts to rebuild inventory after earlier slowdowns. However, while revenue beat expectations, it dropped 20% from the previous quarter and 32% from a year ago. Earnings also missed forecasts."
Opendoor reported fourth-quarter revenue of $736 million, beating expectations of roughly $594 million. Revenue declined 20% sequentially and 32% year-over-year. Gross profit was $57 million and gross margin rose slightly to 7.7%. Net loss totaled $1.1 billion, driven largely by a $933 million non-cash charge related to refinancing convertible notes. Opendoor guided for about $662 million in revenue for the current quarter and projected an adjusted EBITDA loss between $33 million and $43 million. Home sales fell to 1,978 homes, inventories totaled $925 million with 2,867 homes on hand, while home acquisitions increased 46% sequentially to 1,706 properties. The stock rose 7.5% to $5.00 per share after earnings, but housing-market weakness and earnings shortfalls present continued risks.
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