Opendoor expects fourth-quarter revenue to grow at least 40% from a year earlier, but with less profit to show for it. It expects Contribution Profit dollars to fall from the third quarter as it keeps selling into a difficult market. It guides to an Adjusted EBITDA loss of $70m to $85m.

The third quarter was weaker than hoped. Revenue was $1.02B against the $1.09B forecast, and the loss was $0.23 a share on a GAAP basis.

Chief executive Kaz Nejatian said disciplined acquisition growth and operating efficiency support confidence in the business. He also said a slower housing market has put Opendoor behind its profitability goal.

On these figures, the growth Opendoor is aiming for brings no near-term improvement in profit dollars. That makes the timing of profitability a question about housing conditions rather than about the company's own execution. Opendoor also expects stock-based compensation of about $90m in the fourth quarter.

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