On August 1, 2024, Opendoor Technologies Inc., a prominent player in the e-commerce platform for residential real estate, disclosed its financial outcomes for the second quarter ending June 30, 2024. The announcement, which included a press release and a shareholder letter, was made in accordance with the Form 8-K filing with the SEC. The company reported a revenue of $1.5 billion, a decrease of 24% from the same quarter the previous year but a 28% increase from the first quarter of 2024. Despite the revenue decline, Opendoor sold 4,078 homes, marking a 32% increase from the previous quarter, and purchased 4,771 homes, up 78% year-over-year. The company's net loss for the quarter was $92 million, compared to a net income of $23 million in the second quarter of 2023. Opendoor's...Show More

On August 1, 2024, Opendoor Technologies Inc., a prominent player in the e-commerce platform for residential real estate, disclosed its financial outcomes for the second quarter ending June 30, 2024. The announcement, which included a press release and a shareholder letter, was made in accordance with the Form 8-K filing with the SEC. The company reported a revenue of $1.5 billion, a decrease of 24% from the same quarter the previous year but a 28% increase from the first quarter of 2024. Despite the revenue decline, Opendoor sold 4,078 homes, marking a 32% increase from the previous quarter, and purchased 4,771 homes, up 78% year-over-year. The company's net loss for the quarter was $92 million, compared to a net income of $23 million in the second quarter of 2023. Opendoor's inventory balance stood at $2.2 billion, representing 6,399 homes, which is a significant increase from the previous year. The company also provided guidance for the third quarter of 2024, expecting revenue between $1.2 billion and $1.3 billion, and an Adjusted EBITDA loss between $70 million and $60 million. CEO Carrie Wheeler highlighted the company's progress in brand awareness, product offerings, and structural efficiencies, while also acknowledging the challenges posed by a slowing housing market.