We recently published 10 Stocks Outrunning the Market; 3 on a High. Opendoor Technologies Inc. (NASDAQ:OPEN) was one of the best performers on Friday.
Opendoor Technologies extended its winning streak to a third consecutive day on Friday, jumping 7.53 percent to close at $5 apiece, as investors took heart from the company’s reaffirmation that it would return to profitability on an adjusted basis by the end of the year.
In an earnings call, Opendoor Technologies Inc. (NASDAQ:OPEN) said that it narrowed its adjusted net loss last year by 24 percent to $195 million from $258 million in 2024.
Net loss, on the other hand, widened by 232 percent to $1.3 billion from only $392 million in 2024, while revenues declined by 15 percent to $4.37 billion from $5.15 billion year-on-year.
“Last quarter, we outlined a four-step plan to transform Opendoor: reach breakeven Adjusted Net Income by the end of 2026 on a 12-month go-forward basis, drive positive unit economics while increasing transaction velocity, transition to direct-to-consumer relationships, and expand our product suite. This quarter demonstrates we are executing on that plan,” Opendoor Technologies Inc. (NASDAQ:OPEN) CEO Kaz Nejatian said, noting that the results reflect structural improvements in how the company operates with more accurate pricing, faster inventory turns, and disciplined selection.
In the fourth quarter alone, Opendoor Technologies Inc. (NASDAQ:OPEN) said that net loss increased by 870 percent to $1.096 billion from $113 million, while revenues fell by 32 percent to $736 million from $1.08 billion.
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Disclosure: None. This article is originally published at Insider Monkey.
