By Katherine Hamilton
Opendoor Technologies posted a wider loss and falling revenue in the fourth quarter as house sales slid.
The online house-selling platform on Thursday posted a loss of $113 million, or 16 cents a share, in the three months ended Dec. 31, compared with $78 million, or 11 cents a share, a year earlier.
Revenue fell 21% to $1.08 billion. Analysts surveyed by FactSet forecast revenue of $982.3 million.
Chief Executive Carrie Wheeler said Opendoor streamlined operations and optimized its cost structure during 2024 to address the slow housing market. "We enter 2025 as a leaner, more efficient business," Wheeler said.
The total number of houses sold on the platform was 2,822, down 19% from the previous year. Analysts polled by FactSet expected 2,604 houses to sell.
In the first quarter of 2025, Opendoor expects revenue between $1.0 billion and $1.08 billion, below analysts' expectations of $1.33 billion.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
Opendoor Technologies posted higher revenue in the fourth quarter as home sales rose. "Opendoor 4Q Earnings Fall Amid Dropping House Sales" at 4:41 p.m. ET incorrectly said revenue fell as home sales fell. The corrected version follows:
By Katherine Hamilton
Opendoor Technologies said fourth-quarter revenue rose as home sales increased, and its loss widened in part due to restructuring costs.
The online house-selling platform posted a loss of $113 million, or 16 cents a share, in the three months ended Dec. 31, compared with a loss of $91 million, or 14 cents a share, a year earlier.
It logged $17 million in restructuring expenses compared with $4 million in the prior-year period.
Revenue rose 25% to $1.08 billion. Analysts surveyed by FactSet forecast revenue of $982.3 million.
The total number of houses sold on the platform was 2,822, up 19% from the previous year. Analysts polled by FactSet expected 2,604 houses to sell.
Chief Executive Carrie Wheeler said Opendoor streamlined operations and optimized cost structure during 2024 to address the slow housing market. "We enter 2025 as a leaner, more efficient business," Wheeler said.
In the first quarter of 2025, Opendoor expects revenue between $1 billion and $1.08 billion, below analysts' expectations of $1.33 billion.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
February 27, 2025 17:25 ET (22:25 GMT)
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