Home sales technology pioneer Opendoor this afternoon reported Q4 revenue and profit that both easily topped Wall Street’s expectations, and an outlook for this quarter higher as well, as its inventory of homes surged over 1,000 percent.
The report sent Opendoor shares down 8% in late trading.
CEO and co-founder Eric Wu remarked, “In 2021, we saw a significant and durable shift in demand for our digital product, demonstrated our market leadership, and delivered exceptional results.
“By consistently outperforming expectations, we pulled forward our financial targets by years, growing revenue 211% year-on-year and exiting 2021 at a revenue run-rate of over $15 billion.”
And yet, we are still just scratching the surface of our opportunity to transform one of the largest, most antiquated industries in the U.S. In 2022, we will continue to build the best consumer experience, expand nationwide to service more customers, and become the digital one-stop-shop that homeowners love and choose. It is our fundamental belief that in a matter of years, millions of homebuyers and home sellers will pick a simple, certain, and fast experience and transact themselves, completely online. More importantly, we know Opendoor’s digital, seamless experience is and will continue to be what consumers choose now and for decades to come.
Revenue in the three months ended in December rose to $3.8 billion, yielding a net loss of 13 cents a share, excluding some costs.
Analysts had been modeling $3.17 billion and an 18-cent loss per share.
Opendoor said its total inventory of homes at quarter’s end rose by 1,208%, year over year, to 17,009 homes.
For the current quarter, the company sees revenue of $4.1 billion to $4.3 billion, and adjusted Ebitda of $30 million to $40 million. That compares to consensus for $3.3 billion and $12 million in Ebitda.