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Opendoor Technologies Endorses Sequential Revenue Gains

Newswire TeamStansberry NewsWire

Opendoor Technologies (OPEN), a leader in the online real estate space, plans to capitalize on iBuying trend…

Management is confident that it will more than double its first-quarter sequential revenue, through market expansion.

The online real estate platform reported fourth-quarter revenue of $248.9 million, beating the expectation for $243.9 million. The company's earnings before interest, taxes, depreciation, and amortization ("EBITDA") was $98.0 million compared to the expected $115.1 million.

Opendoor's guidance for first-quarter revenue is between $600 million to $625 million. The company also announced plans to expand in to 42 additional markets, including six within the first quarter of 2021.

The company makes the home-selling process completely contactless by connecting sellers to buyers entirely online. Through the iBuying process, sellers get an instant quote for their property and skip standard (and costly) home-selling steps, like staging, marketing, and hosting open houses.

This could be the perfect home-selling solution during a pandemic. Especially since traditional protocols are now subject to COVID-19 regulations, and some buyers are hesitant to attend in-person showings.

Opendoor Technologies will continue riding its momentum, adding more homes to its inventory. It hopes to create an easy one-click homebuying and home-selling experience that will change the real estate industry for years to come.