Shares of
Opendoor
Technologies and
Redfin
fell by double-digit percentages on Thursday after the real estate-related companies provided financial guidance that was markedly lower than expected.
Opendoor
(ticker: OPEN) reported second-quarter revenue of $2 billion, compared with the Wall Street consensus estimate of $1.84 billion, but gave a guidance range for the current quarter of $950 million to $1 billion. The Street had expected $1.36 billion.
Similarly,
Redfin
(RDFN) posted June quarter revenue of $276 million, in line with the $276 million average analyst estimate, but gave a disappointing forecast range for the current quarter. It predicted revenue of $265 million to $279 million versus the $288 million estimate.
Opendoor shares fell 12% in after-hours trading, while Redfin stock dropped 11%, following the results.
Write to Tae Kim at [email protected]
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