Summary by Moomoo AI
Opendoor Technologies Inc. has reported a significant decrease in revenue and home sales in the first quarter of 2024 compared to the same period in 2023. Revenue dropped from $3.12 billion to $1.18 billion, a 62% decline, while home sales fell by 63% from 8,274 to 3,078 homes sold. Despite the decrease in revenue and sales volume, gross margin improved from 5.4% to 9.7%, and net loss increased marginally from $101 million to $109 million. The company's inventory also saw a reduction, with homes in inventory decreasing by 555 to 5,706. Opendoor attributes the lower sales volumes to a strategic reduction in inventory acquisition and marketing investment in response to market volatility. The company has continued to expand its market presence, launching partnerships with Zillow and eXp Realty, and aims to grow by increasing market share and brand awareness. Opendoor's future plans include driving growth through market share gains, investing in adjacent services, and improving unit economics through various initiatives. The company remains focused on managing inventory effectively and maintaining financial flexibility in the face of a challenging housing market environment.
