Opendoor Stock Faces a Hard Profit Test as CEO Says Turnaround Is Working
Opendoor shares fell 2.6% to $4.88 Monday after the company reported a first-quarter net loss of $173 million, more than double the previous year. Revenue dropped to $720 million from $1.15 billion, while home inventory was cut by over half. CEO Kaz Nejatian said resale speed improved and aged inventory declined. The company aims for breakeven adjusted EBITDA in the second quarter.