Q4 Earnings Highlights: Opendoor (NASDAQ:OPEN) Vs The Rest Of The Real Estate Services Stocks
As the Q4 earnings season wraps, let's dig into this quarter's best and worst performers in the real estate services industry, including Opendoor (NASDAQ:OPEN) and its peers.
Technology has been a double-edged sword in real estate services. On the one hand, internet listings are effective at disseminating information far and wide, casting a wide net for buyers and sellers to increase the chances of transactions. On the other hand, digitization in the real estate market could potentially disintermediate key players like agents who use information asymmetries to their advantage.
The 13 real estate services stocks we track reported a satisfactory Q4. As a group, revenues beat analysts' consensus estimates by 5.5% while next quarter's revenue guidance was 1.2% below.
Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 8.6% since the latest earnings results.
Founded by real estate guru Eric Wu, Opendoor (NASDAQ:OPEN) offers a technology-driven, convenient, and streamlined process to buy and sell homes.
Opendoor reported revenues of $1.08 billion, up 24.6% year on year. This print exceeded analysts' expectations by 10.8%. Overall, it was a satisfactory quarter for the company with a solid beat of analysts' EBITDA estimates.
"In 2024, we took decisive actions to streamline operations and optimize our cost structure to better position the Company to navigate the persistent housing market headwinds and drive toward our longer-term profitability target. As a result, we significantly reduced Adjusted Net Losses in the fourth quarter and for the year while delivering year-over-year revenue growth and improvements to Contribution Profit and Adjusted EBITDA," said Carrie Wheeler, CEO of Opendoor.
The stock is down 21.5% since reporting and currently trades at $1.13.
Is now the time to buy Opendoor? Access our full analysis of the earnings results here, it's free.
Founded in 1971, Marcus & Millichap (NYSE:MMI) specializes in commercial real estate investment sales, financing, research, and advisory services.
Marcus & Millichap reported revenues of $240.1 million, up 44.4% year on year, outperforming analysts' expectations by 20.2%. The business had an incredible quarter with an impressive beat of analysts' EPS estimates and a solid beat of analysts' EBITDA estimates.
Marcus & Millichap pulled off the biggest analyst estimates beat among its peers. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 9.6% since reporting. It currently trades at $33.71.
Is now the time to buy Marcus & Millichap? Access our full analysis of the earnings results here, it's free.
Known for giving homeowners cash offers within 24 hours, Offerpad (NYSE:OPAD) operates a tech-enabled platform specializing in direct home buying and selling solutions.
Offerpad reported revenues of $174.3 million, down 27.5% year on year, in line with analysts' expectations. It was a softer quarter as it posted a significant miss of analysts' adjusted operating income estimates.
Offerpad delivered the slowest revenue growth in the group. As expected, the stock is down 17.5% since the results and currently trades at $1.79.
Read our full analysis of Offerpad's results here.
Founded by a former medical school student, electrical engineer, and Amazon data engineer, Redfin (NASDAQ:RDFN) is a real estate company offering brokerage services through an online platform.
Redfin reported revenues of $244.3 million, up 12% year on year. This result beat analysts' expectations by 0.7%. Zooming out, it was a mixed quarter as it also produced an impressive beat of analysts' EPS estimates but a significant miss of analysts' EBITDA estimates.
The stock is up 37.4% since reporting and currently trades at $10.50.
Read our full, actionable report on Redfin here, it's free.
Founded in Toronto, Canada in 2014, The Real Brokerage (NASDAQ:REAX) is a technology-driven real estate brokerage firm combining a tech-centric model with an agent-centric philosophy.
The Real Brokerage reported revenues of $350.6 million, up 93.4% year on year. This number topped analysts' expectations by 16.8%. It was an incredible quarter as it also logged a solid beat of analysts' EPS estimates and an impressive beat of analysts' EBITDA estimates.
The Real Brokerage scored the fastest revenue growth among its peers. The stock is down 9.4% since reporting and currently trades at $4.49.
Read our full, actionable report on The Real Brokerage here, it's free. Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.
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