Opendoor Technologies (NASDAQ: OPEN) came into its second-quarter earnings report with a lot of attention after the stock more than tripled in July on a meme-based rally.
Investors who are hoping that the struggling online home-flipper will be the next Carvana, however, were disappointed by the company’s second-quarter report. While its results were in line with expectations, the company’s third-quarter guidance was much worse than expected.
As of 1:39 p.m. ET, the stock was down 18.8%.