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

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 in 2023 and an additional 300 employees in November 2024. The company is providing post-employment benefits totaling approximately $9 million and expects to incur an additional $8 million in expenses related to cost reduction efforts. Opendoor's future plans involve an organizational transformation to drive efficiencies and flatten reporting structures, with the expense expected to be recognized primarily in the three months ending December 31, 2024.