Opendoor (NASDAQ:OPEN) stock is on the move Friday following the release of the real estate company’s reported results for the first quarter of 2022.
Let’s jump into that earnings report below to see why this has OPEN stock heading higher today!
- Opendoor reported diluted earnings per share of 4 cents.
- That’s better than the -13 cents per share that Wall Street was expecting.
- It’s also a positive switch compared to the company’s EPS of -48 cents from the same time last year.
- In addition to that, revenue of $5.15 billion is another positive for OPEN stock.
- That’s due to it surpassing the $4.29 billion in revenue that analysts were expecting.
- It’s also a massive 590% increase year-over-year compared to $747 million.
- Opendoor also includes a positive outlook for the second quarter of 2022 in its most recent earnings report.
- This has it expecting revenue to range from $4.1 billion to $4.3 billion during the period.
- That will have it handily beating out Wall Street’s revenue estimate of $4.29 billion for the quarter.
Eric Wu, co-founder and CEO of Opendoor, said this in the earnings report sending OPEN stock higher today.
We are proud to report our first quarter of positive net income as we exceeded our expectations across all of our key metrics. For the past eight years, we have been working on the rare opportunity to transform the $2.3 trillion housing industry. We have made significant progress toward reshaping a broken, offline process into a digital, seamless experience for our customers.
Heavy trading follows OPEN stock with today’s earnings report. This has some 21 million shares trading as of this writing. That’s above its daily average trading volume of 16.8 million shares.
OPEN stock initially jumped 10% this morning following its earnings report. However, the shares are down slightly later in the morning.
Investors on the lookout for more recent stock market news are in the right place!
There’s plenty of other stock market news traders will want to know about on Friday! That includes what’s happening with shares of DoorDash (NYSE:DASH), Netlist (OTCMKTS:NLST), and Vinco Ventures (NASDAQ:BBIG) stock today. You can learn all about these matters at the following links!
More Stock Market News for Friday
- DASH Stock Delivers After Beating Q1 Revenue Estimates. What to Know.
- Why Did Netlist (NLST) Stock Close Up 30% Yesterday?
- Dear BBIG Stock Fans, Mark Your Calendars for May 18
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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