Technology real estate company Opendoor NASDAQ:OPENwill be reporting results this Tuesday after market hours. Here’s what you need to know.
Opendoor beat analysts’ revenue expectations last quarter, reporting revenues of $720 million, down 37.6% year on year. It was an exceptional quarter for the company, with EPS in line with analysts’ estimates and a decent beat of analysts’ EBITDA estimates. It reported 1,921 homes sold, down 34.8% year on year.
Is Opendoor a buy or sell going into earnings? .
This quarter, the market is expecting Opendoor’s revenue to decline 42.6% year on year, a reversal from the 3.7% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Opendoor has a history of exceeding Wall Street’s expectations.
Looking at Opendoor’s peers in the consumer discretionary - real estate services segment, some have already reported their Q2 results, giving us a hint as to what we can expect. JLL delivered year-on-year revenue growth of 10.8%, beating analysts’ expectations by 1.5%, and CBRE reported revenues up 15.2%, in line with consensus estimates. JLL traded up 4.4% following the results while CBRE was also up 1.6%.
Read our full analysis of and .
Over the last year or so, investors' attention has moved from one major market theme to the next, spanning AI disruption and surging infrastructure investment to geopolitical tensions, interest rates, and the health of the broader economy. While some of the consumer discretionary - real estate services stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 2.4% on average over the last month. Opendoor is down 26.7% during the same time and is heading into earnings with an average analyst price target of $4.95 (compared to the current share price of $3.73).
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