Why Is Opendoor Stock Falling on Wednesday?

Opendoor Technologies Inc. (NASDAQ: OPEN ) stock traded lower on Wednesday after the company reported second-quarter financial results on Tuesday and issued third-quarter sales guidance below estimates. Opendoor reported quarterly losses of three cents per share, which beat the consensus estimate for losses of seven cents per share. Read Also: SanDisk Options Price 16.1% Swing On Earnings: Here’s What History Shows Quarterly revenue reached $883 million, beating the Street estimate of $666.54 million by 32.48%. However, revenue fell from $1.57 billion recorded in the same period last year. CEO Commentary CEO Kaz Nejatian addressed the company’s financial outlook following the release. "For three quarters, I’ve been saying Opendoor will be ANI positive on a 12-month go-forward basis at the end of this year," said CEO Kaz Nejatian. "You no longer have to take my word for it. Run Q2 forw...