Summary by Moomoo AI
Opendoor Technologies, a leading player in the residential real estate industry, reported a significant year-on-year revenue increase for the third quarter of 2024, with revenues rising from $980 million to $1,377 million, marking a $397 million increase. The company's gross profit also saw an uptick from $96 million to $105 million, although gross margin declined from 9.8% to 7.6%. Despite these gains, Opendoor experienced a net loss, which improved from $106 million to $78 million. The number of homes sold increased by 928 units to 3,615, while homes purchased rose by 368 to 3,504. The company's inventory also grew substantially, with a year-on-year increase of 2,281 homes, totaling 6,288 homes in inventory. Opendoor's business development efforts included workforce reductions aimed at prioritizing strategic growth initiatives, with approximately 680 employees impacted...Show More
