Summary by Moomoo AI
Opendoor Technologies reported Q3 2024 revenue of $1.4B, up 41% YoY but down 9% QoQ, with 3,615 homes sold. The company posted a net loss of $78M, improving from $106M loss in Q3 2023. Gross profit reached $105M with a 7.6% margin, while contribution profit was $52M with a 3.8% margin.The company maintained a strong balance sheet with $829M in cash and $2.1B in inventory representing 6,288 homes. Home purchases declined 27% QoQ to 3,504 units, while homes under contract dropped 44% QoQ to 1,006 units, reflecting persistent housing market headwinds from high mortgage rates.For Q4 2024, Opendoor expects revenue between $925M-$975M and contribution profit of $15M-$25M. Management announced cost-saving initiatives that will result in approximately $85M in annualized savings entering 2025, as the company focuses on operational efficiency while positioning for future growth when market conditions improve.
