Opendoor Technologies is shutting down its India operations and laying off nearly 250 employees as part of a restructuring under CEO Kaz Nejatian, who aims to rebuild the company around software and automation. The decision comes less than two years after Opendoor called India a key engineering and operations hub. The company reported a GAAP loss per share of $0.18 in its most recent quarter, wider than the estimated loss of $0.07, while revenue fell almost 38% year-over-year to $720 million. Analysts maintain a consensus Hold rating on OPEN stock with an average price target of $3.95 per share, implying about 8% potential downside. Opendoor was recently added to the Russell 3000 Index, which may attract passive fund inflows, and a planned $200 billion government housing push could provide a policy tailwind.
Opendoor Technologies IncOpendoor is laying off 250 employees and reported a wider-than-expected loss and 38% revenue decline.
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