Zillow rivals Offerpad, Opendoor gain on strong Q3 earnings

Offerpad Solutions

11/11/2021 11:43

** Shares of online real estate companies Offerpad  OPAD.N 
and Opendoor  OPEN.O  gain 9% and 18% premarket to $7.85 and
$22.96, respectively, after quarterly earnings 
    ** OPAD posts smaller-than-expected loss of 13 cents/share
versus estimates of a $1.03/share loss - Refinitiv data
 urn:newsml:reuters.com:*:nASA02S45; co also raises full-year sales outlook to $1.85 bln
- $1.9 bln from prior https://www.businesswire.com/news/home/20210816005656/en/Offerpad-Reports-Record-Revenue-and-Profit-for-Second-Quarter-2021-Provides-2021-Full-Year-Outlook
 forecast of $1.7 bln - $1.85 bln 
    ** OPEN reports Q3 loss per share of 9 cents versus
estimates of 17 cents/share loss, according to Refinitiv data
 urn:newsml:reuters.com:*:nASA02S1O
    ** Earlier this month, rival Zillow Group's  ZG.O  shares
slumped after co missed Q3 expectations and said it would exit
its business of buying/selling homes due to unpredictable prices
 urn:newsml:reuters.com:*:nL4N2RU2LR  urn:newsml:reuters.com:*:nL4N2RT42J
    ** Analysts said ZG's move might open the door for rivals
such as OPEN to grab market share  urn:newsml:reuters.com:*:nL4N2RE3HM
    ** OPAD down 34% YTD, OPEN down 14% YTD, while ZG has
slumped 53% this year

 (Reporting by Anisha Sircar in Bengaluru)
 ((Anisha.Sircar@thomsonreuters.com;))