Overview
- Q3 revenue came in at $915 million, above forecasts, while a GAAP loss of $0.12 per share and adjusted EBITDA of negative $33 million missed expectations.
- The company guided for Q4 revenue to fall about 35% sequentially and projected an adjusted EBITDA loss in the high $40 millions to mid $50 millions.
- Shares fell roughly 8% to 10% in post-earnings trading following the mixed results and softer outlook.
- New CEO Kaz Nejatian said he is refounding the business as a software and AI company, ordering a return to the office, cutting consultants, and launching more than a dozen AI-driven features.
- Opendoor announced a dividend of tradable warrants for holders of record on Nov. 18, granting one warrant per 30 shares with $9, $13, and $17 exercise prices that expire on Nov. 20, 2026.