Opendoor Technologies Inc (NASDAQ: OPEN) saw its stock price plummet 7.84% during intraday trading on Monday, marking a significant pullback for the iBuying company.
The decline appears to reflect investor reassessment of the company's path to sustainable profits, despite recent strong quarterly results. Opendoor had sparked a sharp rally in late February after reporting better-than-expected fourth-quarter earnings, but Monday's sell-off suggests profit-taking and renewed concerns about the company's forward guidance.
While Opendoor's Q4 results topped Wall Street expectations with $736 million in revenue versus $594 million expected, management provided cautious guidance for the current quarter. The company expects first-quarter revenue to decline approximately 10% year over year and forecasts an adjusted EBITDA loss in the low-to-mid-$30 million range, contributing to investor uncertainty about the timing of sustainable profitability.