Why Opendoor Technologies Stock Plunged Today

Shares of Opendoor Technologies (NASDAQ: OPEN) have plunged today, down by 11% as of 12:15 p.m. EDT, after the company reported first-quarter earnings. Opendoor went public last year by merging with a special-purpose acquisition company (SPAC), and investors have been shunning anything remotely related to SPACs in recent months.

Revenue in the first quarter was $747 million, which resulted in a net loss of $270 million, or $0.48 per share. The iBuying company, which buys and sells homes, reported a gross profit of $97 million, or a gross margin of 13%. Opendoor purchased a total of 3,594 homes during the quarter and sold 2,462 units. The company exited the quarter with 2,958 homes in inventory valued at a total of $840.6 million.

Image source: Opendoor.

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Source Fool.com