Opendoor Q3 2022: Revenue $3.4B, Net Loss $928M; Guides Q4 Adj EBITDA -$355M to -$335M

Opendoor Technologies Inc.

2022-Q3 EPS reported -$1.53 revenue$12,710,000,000

Revenue $3.4B (+48% YoY); homes sold 8,520 (+42% YoY).
Gross loss $(425)M incl. $573M inventory valuation adjustment; contribution margin (0.7)% vs 7.5%.
Net loss $(928)M; Adj EBITDA $(211)M; Q4 guidance: revenue $2.3B-$2.5B, Adj EBITDA $(355)M-$(335)M.
Reduced workforce ~18%; scaled back capacity ~25% vs Q2; marketing spend down 40%+.
Launched Exclusives marketplace; aim >30% of total transactions via marketplace by end of 2023.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.98

Opendoor Technologies Inc. reported third quarter ended September 30, 2022 results: revenue $3.4 billion, net income $(928) million. Guidance initiated.

Period: third quarter ended September 30, 2022
Revenue: $3.4 billion
Net income: $(928) million
Guidance: initiated
Result: reported results

Exact text from the filing

better, more efficient, and more transparent marketplace, we can improve the experience and outcomes for both buyers and sellers.” Third Quarter 2022 Key Highlights • Revenue of $3.4 billion, up 48% versus 3Q21; with 8,520 total homes sold, up 42% versus 3Q21 • Gross (loss) profit of $(425) million, which reflects an inventory valuation adjustment of $573 million,

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Opendoor Technologies Inc. filing history →

Source: SEC EDGAR

accession 0001801169-22-000106

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