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Opendoor Technologies Inc. (NASDAQ:OPEN) shares are trading lower Friday after the company reported mixed third quarter financial results on Thursday after the market closed.
What To Know: Opendoor reported an adjusted loss of 8 cents per share, missing the consensus estimate of a 7 cent-loss. In addition, the company reported sales of $915.00 million, beating the consensus estimate of $849.58 million.
CEO Kaz Nejatian said the company is "refounding Opendoor as a software and AI company," adding that in his first month the company launched more than a dozen AI-powered products and returned to the office while cutting consultant reliance.
Nejatian said Opendoor's path to profitability involves transacting with more sellers, improving pricing and resale speed and cutting expenses, with a goal to reach breakeven adjusted net income by the end of next year.
The company said it purchased 1,169 homes during the quarter, down from 3,504 a year ago and sold 2,568 homes compared to 3,615 in the same period last year.
Q4 Outlook: The company sees sales of $594.75 million, versus the consensus estimate of $477.87 million.
OPEN Price Action: At the time of writing, Opendoor shares are trading 3.58% lower at $6.32, according to data from Benzinga Pro.
Image via Shutterstock
Posted In: OPEN
