Opendoor Technologies reports Q3 EPS (12c), consensus (7c)

Reports Q3 revenue $915M, consensus $882.3M. “We are refounding Opendoor as a software and AI company. In my first month as CEO, we’ve made a decisive break from the past — returning to the office, eliminating reliance on consultants, and launching over a dozen AI-powered products and features that demonstrate our renewed velocity. Our business will succeed by building technology that makes selling, buying, and owning a home easier and more joyful — not from charging high spreads and hoping the macro saves us,” said Kaz Nejatian, CEO of Opendoor. Nejatian continued, “Our path to profitability is clear: transact with more sellers, strengthen our unit economics through better pricing and resale speed, and drive operational efficiency by being ruthless on expenses. By the end of next year, we will drive Opendoor to breakeven Adjusted Net Income on a 12-month go-forward basis.”