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yesterday

Opendoor Shares Plunge After Weak Q3 Forecast Undercuts Q2 Profit Milestone

Carrie Wheeler unveiled a pivot toward an agent-driven referrals model after securing Q2 revenue gains alongside the first positive adjusted EBITDA in three years

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Overview

  • Opendoor reported Q2 revenue of $1.57 billion, up 4% year-over-year, and narrowed its net loss to $29 million.
  • The company achieved $23 million in adjusted EBITDA profit, marking its first positive quarter since 2022.
  • Management’s Q3 revenue guidance of $800 million to $875 million implies at least a 36% decline and triggered a stock drop of over 20%.
  • After regaining compliance with Nasdaq listing rules, Opendoor canceled its planned reverse share split.
  • CEO Carrie Wheeler announced a transition from capital-intensive iBuying to a capital-light, agent-driven referrals platform operating in all markets.