Shares of Opendoor Technologies Inc (OPEN) slumped 5.59% in the pre-market trading session on Friday, following the release of the company's fourth-quarter 2024 earnings results that missed market expectations.
The online real estate platform reported a wider net loss of $113 million, or $0.16 per share, for the quarter ended December 31, 2024, compared to a loss of $78 million in the same period last year. This disappointing performance came despite a 25% increase in revenue to $1.08 billion, exceeding analyst estimates.
The company attributed the larger loss to the ongoing challenges faced by the housing market, including elevated mortgage rates and low inventory levels, which impacted buyer affordability and transaction volumes. Opendoor also struggled with inventory management, as a significant portion of homes remained on the market for an extended period.
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