Opendoor Technologies (NASDAQ: OPEN) stock jumped about 9% in intraday trading Friday after the company posted better-than-expected EPS and revenue for the first quarter of 2024.
Opendoor Technologies (OPEN), a prominent e-commerce platform facilitating residential real estate transactions, recently released its financial results for the first quarter of 2024, showcasing a robust performance that beat analyst expectations. In addition, the company made significant strides in its corporate governance with a notable board appointment and an impending resignation.
In the earnings report, Opendoor reported earnings per share (EPS) of -12 cents, surpassing analyst estimates which projected EPS of -16 cents.
Moreover, Opendoor reported revenue of $1.18 billion for the quarter, marking an 8.35% increase over analyst estimates of $1.09 billion. The strong revenue performance was fueled by robust acquisition volumes, with Opendoor acquiring 3,458 homes during Q1, reflecting a 98% surge versus the same period in 2023.
In a separate development, Opendoor announced the appointment of Eric Feder, President of LENX and a senior executive at Lennar Corporation, to its Board of Directors, effective May 1, 2024.
The appointment of Eric Feder follows the decision of Jason Kilar, a member of Opendoor’s Board of Directors, to resign from his position. Kilar provided written notice of his intent to step down from the board, effective following the company’s annual meeting of stockholders on June 14, 2024.
Opendoor Technologies (NASDAQ: OPEN) Stock Movement
OPEN stock surged 8.87% to close at $2.21 on Friday. Its value has risen by 3.27% this week. Trading activity has witnessed 47,495,260 (47.49 million) shares changing hands, well above the average daily volume of 18.00 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
