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OPEN Shares Soar More Than 13% After-Hours On Q4 Beat
(MENAFN- AsiaNet News)
Shares of Opendoor Technologies Inc. (OPEN) rallied more than 13% in after-market hours on Thursday after the company beat earnings expectations by a significant margin.
The real estate digital platform posted revenue for the fourth-quarter (Q4) of $736 million, much above street expectations of $591.75 million, as per data from Fiscal. The company also reported adjusted earnings before interest, tax, depreciation, and amortization of -$43 million, compared with an expectation of -$50.81 million.
Opendoor also said that its acquisitions increased 46% quarter-over-quarter, while inventory days in possession reduced 23%.
“These results reflect structural improvements in how we operate with more accurate pricing, faster inventory turns, and disciplined selection,” said Kaz Nejatian, CEO of Opendoor.
Shares of OPEN have gained more than 200% in the past year.
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