Opendoor Technologies Inc ( OPEN ) reported second-quarter financial results after the market close on Tuesday. Here’s a look at the key metrics from the report.

Check the latest price of OPEN here.

Q2 Earnings: Opendoor ( OPEN ) reported second-quarter revenue of $1.57 billion, beating analyst estimates of $1.50 billion, according to Benzinga Pro. The company reported a second-quarter loss of one cent per share, in line with analyst estimates. Adjusted EBITDA came in positive for the first time since 2022 at $23 million.

Total revenue was up 4% on a year-over-year basis. The company said it purchased 1,757 homes in the quarter, down 63% year-over-year. Opendoor ( OPEN ) ended the period with an inventory balance of $1.5 billion and 393 homes under contract for purchase, down 78% year-over-year.

“We delivered $1.6 billion in revenue in the second quarter and achieved our first quarter of Adjusted EBITDA profitability since 2022, even as housing market conditions continued to deteriorate,” said Carrie Wheeler, CEO of Opendoor ( OPEN ).

Guidance: Opendoor ( OPEN ) expects third-quarter revenue to be in the range of $800 million to $875 million versus estimates of approximately $1.22 billion, according to Benzinga Pro. The company anticipates a third-quarter adjusted EBITDA loss of $21 million to $28 million.

Opendoor ( OPEN ) executives will further discuss the quarter on an earnings call at 5 p.m. ET.

OPEN Price Action: Opendoor ( OPEN ) shares were up approximately 250% over the past month heading into Tuesday’s report after a hedge fund manager flagged the stock as a potential "100-bagger" over the next few years.

Opendoor ( OPEN ) shares were down 19.84% in after-hours, trading at $2.02 at the time of publication on Tuesday, according to Benzinga Pro.

Read Next:

Opendoor Becomes Meme Stock Royalty Ahead Of Earnings, These ETFs Hold The Keys

Meme Stocks Return: What’s Powering The Revival