Opendoor shares surged in after-market trading on Wednesday as third-quarter results exceeded analysts' estimates.
that topped estimates and issued an optimistic forecast for the rest of the year, sending the stock soaring in extended trading.
Revenue in the quarter climbed to $2.27 billion from $338.6 million a year earlier, when the Covid-19 pandemic put a temporary freeze on transactions. Revenue was up 91% from the second quarter, and exceeded the $2.01 billion average analyst estimate, according to Refinitiv. OpenDoor is disrupting the real estate market with its new model. It buys homes and sells them on its platform.In an interview after Opendoor's report on Wednesday, finance chief Carrie Wheeler said the company has built its technology to ensure it can manage through unpredictable market events.
In addition to exceeding revenue estimates, Opendoor's loss of 9 cents a share was below the 17-cent loss analysts were expecting. And for the fourth quarter, Opendoor forecast revenue of $3.1 billion to $3.2 billion, topping the $2.92 billion average analyst estimate, according to Refinitv.
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