Opendoor Technologies Inc. ( OPEN ) shares are trading lower Friday after the company reported mixed third quarter financial results on Thursday after the market closed.

What To Know: Opendoor ( OPEN ) reported an adjusted loss of 8 cents per share, missing the consensus estimate of a 7 cent-loss. In addition, the company reported sales of $915.00 million, beating the consensus estimate of $849.58 million.

CEO Kaz Nejatian said the company is "refounding Opendoor ( OPEN ) as a software and AI company," adding that in his first month the company launched more than a dozen AI-powered products and returned to the office while cutting consultant reliance.

Nejatian said Opendoor's ( OPEN ) path to profitability involves transacting with more sellers, improving pricing and resale speed and cutting expenses, with a goal to reach breakeven adjusted net income by the end of next year.

The company said it purchased 1,169 homes during the quarter, down from 3,504 a year ago and sold 2,568 homes compared to 3,615 in the same period last year.

Q4 Outlook: The company sees sales of $594.75 million, versus the consensus estimate of $477.87 million.

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OPEN Price Action: At the time of writing, Opendoor ( OPEN ) shares are trading 3.58% lower at $6.32, according to data from Benzinga Pro.

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