Opendoor thrives in home-flipping market Zillow just exited as earnings beat estimates

that topped estimates and issued an optimistic forecast for the rest of the year, sending the stock soaring in extended trading.

Revenue in the quarter climbed to $2.27 billion from $338.6 million a year earlier, when the Covid-19 pandemic put a temporary freeze on transactions. Revenue was up 91% from the second quarter, and exceeded the $2.01 billion average analyst estimate, according to Refinitiv. OpenDoor is disrupting the real estate market with its new model. It buys homes and sells them on its platform.In an interview after Opendoor's report on Wednesday, finance chief Carrie Wheeler said the company has built its technology to ensure it can manage through unpredictable market events.

In addition to exceeding revenue estimates, Opendoor's loss of 9 cents a share was below the 17-cent loss analysts were expecting. And for the fourth quarter, Opendoor forecast revenue of $3.1 billion to $3.2 billion, topping the $2.92 billion average analyst estimate, according to Refinitv.

Opendoor is going to collapse harder than ENRON.

A better title would have been Opendoor lost less money than expected

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks end lower on Wall Street, ending eight-day winning streakStocks ended moderately lower Tuesday, ending an eight-day winning streak for the market that had been fueled by strong company earnings and economic data.
Source: latimes - 🏆 11. / 82 Read more »

Cathie Wood says Zillow's decision to shut iBuying unit could be a warning signal for housing marketNew for subscribers: Cathie Wood says Zillow's decision to shut iBuying unit could be a warning signal for housing market. Check out CNBCPro today.
Source: CNBC - 🏆 12. / 72 Read more »

Building and Renting Single-Family Homes Is Top-Performing InvestmentSingle-family homes built to rent are emerging as the hottest corner of the U.S. property market, as investors respond to booming demand from home-seekers priced out of housing for sale Total bullshit. By design. Easier to control renters than property owners Just a guess, but this may become an issue in 2022 politics. One of those issues both sides will focus on and one which the builders and investors have no backers including the electorate.
Source: WSJ - 🏆 98. / 63 Read more »