Opendoor Technologies Inc (NASDAQ:OPEN) is trading significantly lower Friday after the company reported fourth-quarter financial results.
Opendoor reported quarterly revenue of $3.8 billion, which beat the $3.17 billion estimate and was up 1,435% from the fourth quarter of 2020. The company said it sold 9,794 homes during the quarter, an increase of 1,054% from the fourth quarter of 2020.
Opendoor reported an adjusted net loss of $80 million, which nearly doubled since the company reported a net loss of 41 million in the fourth quarter of 2020. Opendoor's expanding net loss could be weighing on the stock.
"In 2022, we will continue to build the best consumer experience, expand nationwide to service more customers, and become the digital one-stop-shop that homeowners love and choose," said Eric Wu, co-founder and CEO of Opendoor.
Opendoor expects first-quarter revenue to be between $4.1 billion and $4.3 billion versus the $3.32 billion estimate. The company guided for first-quarter adjusted EBITDA of $30 million to $40 million.
OPEN shares got thumped $3.00, or 27.4%, to $7.97, early Friday afternoon.
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