Summary by Futu AI
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.
