Yahoo Finance Opendoor (OPEN) Reports Earnings Tomorrow: What To Expect
Technology real estate company Opendoor (NASDAQ:OPEN) will be reporting earnings tomorrow after market close. Here's what to look for.
Opendoor beat analysts' revenue expectations by 8.8% last quarter, reporting revenues of $1.18 billion, down 62.1% year on year. It was an ok quarter for the company, with a narrow beat of analysts' earnings estimates but a miss of analysts' homes sold estimates.
Is Opendoor a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting Opendoor's revenue to decline 25.7% year on year to $1.47 billion, improving from the 52.9% decrease it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.09 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Opendoor has only missed Wall Street's revenue estimates once over the last two years, exceeding top-line expectations by 8.7% on average.
Looking at Opendoor's peers in the consumer discretionary segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Cushman & Wakefield's revenues decreased 4.9% year on year, missing analysts' expectations by 2.9%, and CBRE reported revenues up 8.7%, in line with consensus estimates. Cushman & Wakefield traded down 3.6% following the results while CBRE was up 12.5%.
Read our full analysis of Cushman & Wakefield's results here and CBRE's results here.
There has been positive sentiment among investors in the consumer discretionary segment, with share prices up 11.8% on average over the last month. Opendoor is up 34.1% during the same time and is heading into earnings with an average analyst price target of $2.6 (compared to the current share price of $2.36).
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