Opendoor Technologies, Redfin Report Earnings, Elon Musk’s Allies at HUD Face Scrutiny Over Real Estate Ties

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Opendoor Technologies

Opendoor, ticker symbol on the NASDAQ, O-P-E-N, delivered strong Q4 results, with sales up 24.6% year-over-year, reaching $1.08 billion—beating Wall Street’s estimate by 10.8%. Despite this, the company’s Q1 revenue guidance of $1.04 billion significantly missed analyst expectations, coming in 18.4% below forecast.

For the fourth quarter, Opendoor reported a GAAP loss of $0.16 per share, in line with expectations, and an improved operating margin of -8.7%, up from -13.2% last year. The company also showed improved free cash flow, at -$83 million compared to -$551 million a year ago.

Looking ahead, analysts project a 17.9% revenue growth over the next year, signaling optimism about Opendoor’s newer products. However, the weaker guidance has raised questions about its short-term outlook, with the stock dropping 3.5% post-report.

Opendoor is an online company that buys and sells homes. They offer cash offers on homes, financing, and home buying services. 

Source: Link

Redfin Report Earnings

Redfin (RDFN), the technology-powered real estate brokerage, reported its Q4 earnings for 2024, showing a 12% increase in revenue, reaching $244.28 million, surpassing Wall Street’s expectations of $241.47 million. However, the company posted a larger-than-expected loss per share of -$0.29, missing estimates by 20.83%.

Looking at key metrics, Redfin reported 14.36 million real estate service transactions, beating estimates of 13.76 million. The number of lead agents also exceeded expectations, with 1,927 agents on average. Real estate services revenue per transaction came in at $10.37 million, slightly missing the estimate of $10.66 million.

In terms of segments, Redfin saw revenue from real estate services hit $148.98 million, a 12.1% increase year-over-year. Meanwhile, the rental and mortgage segments saw modest growth.

Shares of Redfin have gained 1.7% over the past month, outperforming the broader market. With a Zacks Rank of #2 (Buy), Redfin could be poised for near-term gains.

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Elon Musk Allies at HUD Face Scrutiny Over Real Estate Ties

Elon Musk’s allies at the U.S. Department of Housing and Urban Development (HUD) are under fire, as two top staffers, Scott Langmack and Michael Mirski, hail from the real estate sector. Langmack, COO of AI-driven property tech firm Kukun, and Mirski, of mobile home operator TCC Management, both have significant access to critical HUD systems—holding data on housing, personal finances, and billions in federal funds.

Experts are raising concerns over potential conflicts of interest. Langmack’s Kukun uses AI to predict property values, while Mirski’s company operates in mobile homes, an area HUD oversees. With access to such sensitive data, there are worries that AI tools could be used to exploit housing markets, skewing decisions on vouchers, disaster relief, and more.

While HUD insists its staff is united, these developments are stirring doubts about privacy and oversight. 

Source: Link

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