On May 2, 2024, Opendoor Technologies Inc. released its financial results for the first quarter ending March 31, 2024. The company, which operates an e-commerce platform for residential real estate transactions, announced a revenue of $1.2 billion, a decrease of 62% from the first quarter of the previous year but a 36% increase from the fourth quarter of 2023. The gross profit stood at $114 million with a gross margin of 9.7%. Despite the revenue, Opendoor reported a net loss of $109 million, slightly higher than the $101 million loss in the same quarter of the previous year. The company's inventory balance was $1.9 billion, representing 5,706 homes. Opendoor also reported a Contribution Profit of $57 million and an Adjusted EBITDA loss of $50 million. Looking forward, the company provided guidance for the second...Show More

On May 2, 2024, Opendoor Technologies Inc. released its financial results for the first quarter ending March 31, 2024. The company, which operates an e-commerce platform for residential real estate transactions, announced a revenue of $1.2 billion, a decrease of 62% from the first quarter of the previous year but a 36% increase from the fourth quarter of 2023. The gross profit stood at $114 million with a gross margin of 9.7%. Despite the revenue, Opendoor reported a net loss of $109 million, slightly higher than the $101 million loss in the same quarter of the previous year. The company's inventory balance was $1.9 billion, representing 5,706 homes. Opendoor also reported a Contribution Profit of $57 million and an Adjusted EBITDA loss of $50 million. Looking forward, the company provided guidance for the second quarter of 2024, expecting revenue between $1.4 billion to $1.5 billion, and an Adjusted EBITDA loss between $35 million to $25 million. CEO Carrie Wheeler highlighted the company's market share doubling year-over-year and the ramping up of acquisitions in 2024. The report was accompanied by a press release, a shareholder letter, and a financial supplement, which were furnished as exhibits to the Current Report on Form 8-K filed with the SEC.