Summary by Moomoo AI
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