Opendoor Technologies Inc (NASDAQ:OPEN) is trading higher Thursday after the company announced better-than-expected second-quarter financial results.
Opendoor reported a quarterly earnings loss of 24 cents per share, which beat the estimate for a loss of 34 cents per share. The company reported quarterly revenue of $1.19 billion, which beat the estimate of $1.06 billion and represented a 59% increase quarter over quarter.
Opendoor expects third-quarter revenue to be in a range of $1.8 billion to $1.9 billion versus the estimate of $1.52 billion.
“In the second quarter of 2021, we acquired a record 8,494 homes, generated revenue of $1.2 billion, and delivered adjusted EBITDA of $25.6 million, representing growth of 136% in homes acquired, 59% in revenue, and nearly $28 million in adjusted EBITDA compared to the first quarter," said Eric Wu, co-founder and CEO of Opendoor.
"This strong outperformance is further evidence of the seismic shift in consumer demand towards the modern real estate experience we are pioneering," Wu added.
Opendoor operates a digital platform for residential real estate that enables customers to buy and sell houses online.
Price Action: Opendoor has traded as high as $39.24 and as low as $13.44 since its listing in December.
At last check Thursday, the stock was up 15.90% at $16.81.