Opendoor, Clover Health stock rise on revenue gains


Shares of Opendoor Technologies Inc. and Clover Health Investments Corp., two Chamath Palipatihiya blank-check companies, rose sharply in extended trading Wednesday after reporting second-quarter results.

Palipatihiya is an outspoken former venture capitalist who has been dubbed “The Pied Piper of SPACs.”

Online real-estate platform Opendoor
OPEN,
-2.36%
shares surged about 20% after hours, after falling almost 2.4% in the regular session to close at $14.50. 

Opendoor’s loss was nearly $144 million, or 24 cents a share, compared with a loss of about $56 million, or 66 cents a share, in the year-ago period. Adjusted for stock-based compensation, impairment and other costs, earnings were $2.5 million. Revenue rose to $1.2 billion from $739.8 million in the year-ago quarter.

Analysts surveyed by FactSet had forecast a loss of 34 cents a share on revenue of $1.1 billion.

Meanwhile, Clover Health
CLOV,
-3.33%,
a health-care insurance-services provider, saw its shares rise about 7% after hours Thursday.

Clover Health reported that second-quarter revenue more than doubled to $412.5 million, compared with $172.1 million in the year-ago quarter. It swung to a loss of $317.6 million, or 78 cents a share, compared with net income of $5.4 million, or 1 cent a share, in the same period a year ago. Adjusted for change in the fair value of the company’s public- and private-placement warrants, stock-based compensation and other costs, the company’s loss was $138.7 million.

Analysts surveyed by FactSet had forecast an adjusted loss of $65.1 million, or 14 cents a share, on revenue of $412.5 million.



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