Stock Track | Opendoor Delivers Resilient Q3 Results Amid Housing Headwinds

Stock Track11-08

Opendoor Technologies Inc. (OPEN) saw its stock soar 6.42% on November 7, 2024, as the online home-buying platform reported resilient third-quarter results, defying challenges from the tough housing market environment.

Despite rising mortgage rates and affordability concerns weighing on the housing sector, Opendoor exceeded its guidance for the quarter. The company sold 3,615 homes, a 35% increase compared to the same period last year, generating revenue of $1.4 billion, up 41% year-over-year.

Opendoor's Contribution Profit, a key measure of its unit-level economics, stood at $52 million, with a margin of 3.8%, compared to $43 million and a 4.4% margin in Q3 2023. The company's Adjusted EBITDA loss narrowed to $38 million, from a loss of $49 million in the year-ago quarter, outperforming its guidance range.

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(OPEN) saw its stock soar 6.42% on November 7, 2024, as the online home-buying platform reported resilient third-quarter results, defying challenges from the tough housing ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"OPEN","symbol_name":"Opendoor Technologies Inc","start_time":0,"source_url":"","article_id":"1168012573","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1168012573","pubTimestamp":1731058341,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Opendoor Technologies Inc.  saw its stock soar 6.42% on November 7, 2024, as the online home-buying platform reported resilient third-quarter results, defying challenges from the tough housing market environment.Despite rising mortgage rates and affordability concerns weighing on the housing sector, Opendoor exceeded its guidance for the quarter. 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