Opendoor Q3 revenue $980M, down 71% YoY; net loss $106M; guides Q4 revenue $800-850M

Opendoor Technologies Inc.

2023-Q3 EPS reported -$0.28 revenue$6,076,000,000

Revenue $980M, homes sold 2,687 (down 68% YoY); purchased 3,136 homes (up 17% QoQ).
Gross profit $96M (9.8% margin) vs $(425)M (-12.6%) in 3Q22; net loss $106M.
Contribution profit $43M (4.4% margin) vs $(22)M; adjusted EBITDA -$49M, ahead of guidance.
Q4 2023 guidance: revenue $800-850M, contribution profit $15-25M, adjusted EBITDA -$105 to -$95M.
Inventory $1.3B (4,007 homes), down 78% YoY; total capital $1.5B.

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 0.9

Opendoor Technologies Inc. reported the third quarter ended September 30, 2023 results: revenue $980 million, net income $(106) million.

Period: the third quarter ended September 30, 2023
Revenue: $980 million
Net income: $(106) million
Result: reported results

Exact text from the filing

we have a significant opportunity ahead of us and remain steadfast in our mission to power life’s progress, one move at a time.” Third Quarter 2023 Key Highlights • Revenue of $980 million, down (71)% versus 3Q22 and down (50)% versus 2Q23; with 2,687 total homes sold, down (68)% versus 3Q22 and down (50)% versus 2Q23 • Gross profit (loss) of $96 million, versus

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Source: SEC EDGAR

accession 0001801169-23-000137

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