Opendoor's stock fell 7% in early trading on Thursday after its CEO admitted that the timeline for adjusted net income to break even would be delayed by 6-8 weeks, and as US government bond yields rose to a three-year high.
Opendoor Technologies (NASDAQ:OPEN) shares fell 7% to $2.79 in early trading on Thursday, after CEO Kaz Nejatian admitted on X on Wednesday that the company's timeline for achieving adjusted net income (ANI) breakeven had been pushed back by 6 to 8 weeks. Meanwhile, benchmark US government bond yields rose to a three-year high this week, further exacerbating Opendoor's financing cost pressures. In contrast, other housing-related companies such as Offerpad and Zillow Group saw smaller declines, as their less capital-intensive business models are less affected by rising interest rates.
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