Yingkie
2021-11-12
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Opendoor, Offerpad Shake Off Zillow Collapse With Share Surges
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The stock had slipped 14% this year, closing Wednesday at $19.52.</p>\n<p>San Francisco-based Opendoor pioneered a tech-powered home flipping business known as iBuying, competing with Zillow, Offerpad Solutions Inc. and others. Zillow’s decision to exit that business in the face of mounting losses has raised questions about whether it’s too risky to buy and sell thousands of homes a month.</p>\n<p>Opendoor purchased 15,181 homes in the third quarter, a 79% increase from the previous three months, according to a statement.</p>\n<p>“Consumers expect a digital-first experience, and Opendoor has invested in giving it to them,” Chief Executive Officer Eric Wu said in an interview. “There’s excess demand for our product. We’re proud of the fact that we are growing so quickly and doing it in a very disciplined and measured way.”</p>\n<p>Offerpad also saw shares rise after reporting third quarter earnings. 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