Overview
- Revenue rose to $915 million, beating estimates, while a loss of $0.08 per share missed expectations by a penny.
- Adjusted EBITDA was -$33 million, weaker than analysts’ forecasts and below the company’s prior guidance range.
- Management warned that fourth-quarter revenue will decline about 35% quarter over quarter and forecast an adjusted EBITDA loss in the high $40 millions to mid $50 millions.
- Home volumes continued to contract year over year, with 1,169 homes purchased and 2,568 sold in the quarter.
- Shares fell roughly 10% in after-hours trading as executives emphasized a refocus on software and AI, including a return to office, reduced use of consultants, and more than a dozen new AI-driven features.