Core Insights - Opendoor Technologies Inc. reported third-quarter revenue of $915 million, exceeding estimates of $849.59 million, but recorded a loss of eight cents per share, missing the anticipated loss of seven cents per share [2][3] - The company experienced a significant decline in home transactions, buying 1,169 homes compared to 3,504 in the same period last year, and selling 2,568 homes, down from 3,615 [2] - CEO Kaz Nejatian announced a strategic shift towards becoming a software and AI company, projecting a 35% decline in fourth-quarter revenue and an adjusted EBITDA loss between high $40 million to mid-$50 million [3] Financial Performance - The stock of Opendoor fell 20.56% in pre-market trading following the earnings report and dropped over 10% in after-market trading [1][3] - Year-to-date, Opendoor's stock surged 312.58%, although it plummeted 9.27% to close at $6.56 on the previous Thursday [6] Market Sentiment - The company has faced volatility, with its stock down nearly 20% over the past week, and criticism from hedge fund manager George Noble regarding its unit economics and profitability path [4] - Opendoor's stock gained attention as a meme stock earlier in the year, but sentiment shifted after the appointment of a new CEO, with some commentators suggesting to avoid meme stocks [5]