Shares of Opendoor Technologies Inc. (OPEN) surged over 5% on Wednesday, November 8th, as the online home-buying platform reported resilient third-quarter results that defied challenges from the tough housing market environment.

Despite rising mortgage rates and affordability concerns weighing on the housing sector, Opendoor exceeded its guidance for the quarter. The company sold 3,615 homes, 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, outperforming its guidance range.