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Opendoor Technologies | 10-Q: Q3 2024 Earnings Report

Opendoor Technologies | 10-Q: Q3 2024 Earnings Report

Opendoor Technologies | 10-Q：2024財年三季報
美股SEC公告 ·  2024/11/08 05:28

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Opendoor Technologies reported Q3 2024 revenue of $1.38 billion, up 41% year-over-year, driven by a 35% increase in homes sold to 3,615 units. However, the company recorded a net loss of $78 million, narrowing from $106 million loss in Q3 2023. Gross margin declined to 7.6% from 9.8% last year due to lower spreads on home acquisitions.The company ended the quarter with $829 million in cash and cash equivalents, while real estate inventory stood at $2.15 billion. Operating expenses decreased 2% to $172 million, reflecting cost management efforts including reduced technology and development spending. The company maintained strong liquidity with $4.9 billion in undrawn borrowing capacity under its asset-backed facilities.Looking ahead, Opendoor announced a workforce reduction of approximately 300 employees, representing 17% of its workforce, as part of an organizational transformation aimed at driving efficiencies. The company expects to incur approximately $17 million in restructuring charges, primarily in Q4 2024. Management remains focused on expanding market share while navigating the challenging housing market environment.
Opendoor Technologies reported Q3 2024 revenue of $1.38 billion, up 41% year-over-year, driven by a 35% increase in homes sold to 3,615 units. However, the company recorded a net loss of $78 million, narrowing from $106 million loss in Q3 2023. Gross margin declined to 7.6% from 9.8% last year due to lower spreads on home acquisitions.The company ended the quarter with $829 million in cash and cash equivalents, while real estate inventory stood at $2.15 billion. Operating expenses decreased 2% to $172 million, reflecting cost management efforts including reduced technology and development spending. The company maintained strong liquidity with $4.9 billion in undrawn borrowing capacity under its asset-backed facilities.Looking ahead, Opendoor announced a workforce reduction of approximately 300 employees, representing 17% of its workforce, as part of an organizational transformation aimed at driving efficiencies. The company expects to incur approximately $17 million in restructuring charges, primarily in Q4 2024. Management remains focused on expanding market share while navigating the challenging housing market environment.
Opendoor Technologies報告2024年第三季度營業收入爲13.8億美金，同比增長41%，主要得益於售出房屋數量增加35%，達到3615套。然而，公司的淨虧損爲7800萬美金，較2023年第三季度的10600萬美金虧損有所縮窄。毛利率從去年的9.8%下降至7.6%，原因是房屋收購的利潤率降低。公司以82900萬美金的現金及現金等價物結束該季度，而房地產業庫存爲21.5億美金。營業費用減少2%，降至17200萬美金，反映了包括降低科技和開發支出在內的成本管理努力。公司保持強勁流動性，資產支持融資工具下仍有49億美金的未提款借款能力。展望未來，Opendoor宣佈將裁員約300名員工，佔其員工總數的17%，作爲旨在提高效率的組織轉型的一部分。公司預計在2024年第四季度將產生約1700萬美金的重組費用。管理層仍然專注於擴大市場份額，同時應對挑戰重重的房地產市場環境。
Opendoor Technologies報告2024年第三季度營業收入爲13.8億美金，同比增長41%，主要得益於售出房屋數量增加35%，達到3615套。然而，公司的淨虧損爲7800萬美金，較2023年第三季度的10600萬美金虧損有所縮窄。毛利率從去年的9.8%下降至7.6%，原因是房屋收購的利潤率降低。公司以82900萬美金的現金及現金等價物結束該季度，而房地產業庫存爲21.5億美金。營業費用減少2%，降至17200萬美金，反映了包括降低科技和開發支出在內的成本管理努力。公司保持強勁流動性，資產支持融資工具下仍有49億美金的未提款借款能力。展望未來，Opendoor宣佈將裁員約300名員工，佔其員工總數的17%，作爲旨在提高效率的組織轉型的一部分。公司預計在2024年第四季度將產生約1700萬美金的重組費用。管理層仍然專注於擴大市場份額，同時應對挑戰重重的房地產市場環境。
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