OPEN’s Story vs. Reality: Revenue Collapses, Losses Explode
The $Opendoor Technologies Inc(OPEN)$ gang didn't like me pointing out the company's operational disaster, but the Q2 earnings release were an incredible showing of reality distortion.
Management: "Everything Is Up. Except Costs."
Reality: Revenue fell 44% and operating loss was over 10x higher than a year ago.
And for a company that's "not an iBuyer" they bought 149% more homes than a year ago and have $1.8 billion of inventory in the balance sheet.
Ohh, and the stock is down 22% since my tweet.
Cults can be great for a good business, but they're detrimental when the business doesn't match the story they tell themselves.
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