Shares of Opendoor Technologies Inc (NASDAQ: OPEN) plummeted 9.91% in after-hours trading on Thursday following the release of its third-quarter earnings report and disappointing fourth-quarter outlook. The real estate technology company's results fell short of analyst expectations, sparking a sell-off among investors.

Opendoor reported a quarterly loss of $0.08 per share, missing the analyst consensus estimate of $0.07 by 18.84%. Although this represents an 18% improvement from the $0.10 per share loss in the same period last year, the wider-than-expected loss weighed heavily on investor sentiment. On a more positive note, the company's quarterly sales of $915 million surpassed analyst estimates of $849.588 million by 7.70%, despite a 33.55% year-over-year decrease from $1.377 billion.

Adding to the downward pressure on the stock, Opendoor provided a weak outlook for the fourth quarter. The company expects Q4 revenue to decrease by approximately 35% quarter-over-quarter, although it noted that this figure would still represent an increase from the outlook provided during its Q2 earnings report. This guidance suggests ongoing challenges in the real estate market and raised concerns about Opendoor's growth trajectory. The after-hours plunge follows a 6.22% drop during the regular trading session, as investors had already been nervous ahead of the earnings release, with options activity implying an expected 11.9% move in share price post-earnings.