Opendoor Technologies Inc. reported a decrease in revenue for the quarter ending June 30, 2024, with revenue falling to $1.511 billion from $1.976 billion in the same period the previous year, a 24% decline. The company's net loss widened to $92 million from a net income of $23 million year-on-year. The number of homes sold during the quarter decreased by 24% to 4,078 from 5,383 homes sold in the previous year. Despite the decrease in revenue and net income, the company's gross margin improved from 7.5% to 8.5% year-on-year. Opendoor's business development included the issuance of Series A Preferred Stock by its subsidiary Mainstay Labs Inc. to third-party investors, with Opendoor maintaining less than 50% ownership. The company's future plans involve assessing the financial...Show More

Opendoor Technologies Inc. reported a decrease in revenue for the quarter ending June 30, 2024, with revenue falling to $1.511 billion from $1.976 billion in the same period the previous year, a 24% decline. The company's net loss widened to $92 million from a net income of $23 million year-on-year. The number of homes sold during the quarter decreased by 24% to 4,078 from 5,383 homes sold in the previous year. Despite the decrease in revenue and net income, the company's gross margin improved from 7.5% to 8.5% year-on-year. Opendoor's business development included the issuance of Series A Preferred Stock by its subsidiary Mainstay Labs Inc. to third-party investors, with Opendoor maintaining less than 50% ownership. The company's future plans involve assessing the financial impact of this fundraise. Opendoor continues to face legal challenges, including consolidated securities class action lawsuits and shareholder derivative lawsuits, but maintains that the allegations are without merit and intends to defend itself vigorously. The company also initiated workforce reductions, impacting approximately 680 employees, and provided severance and other termination benefits. Opendoor's liquidity position includes cash and cash equivalents of $790 million and restricted cash of $121 million as of June 30, 2024.