Shares of Opendoor Technologies Inc (OPEN) soared 5.88% on November 7, 2024, as the online home-buying platform reported resilient third-quarter results, defying headwinds from the challenging housing market environment.
Despite rising mortgage rates and home affordability concerns, Opendoor exceeded its guidance for the quarter, driven by higher acquisition volumes. The company sold 3,615 homes in Q3 2024, a 35% increase compared to the same period last year, generating revenue of $1.4 billion, up 41% year-over-year.
Opendoor's Contribution Profit, a key measure of its unit-level economics, stood at $52 million, with a margin of 3.8%, compared to $43 million and a 4.4% margin in Q3 2023. The company's Adjusted EBITDA loss narrowed to $38 million, from a loss of $49 million in the year-ago quarter.
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