Opendoor Q1 revenue $1.2B (-62% YoY) beats guidance; Contribution Margin 4.8%

Opendoor Technologies Inc.

2024-Q1 EPS reported -$0.16 revenue$1,181,000,000

Net loss $(109)M vs $(101)M YoY; Adjusted EBITDA $(50)M beats guidance, improves from $(341)M YoY.
Gross profit $114M (9.7% margin) vs $170M (5.4%) YoY; QoQ improvement from $72M (8.3%).
Homes sold 3,078 (-63% YoY, +30% QoQ); purchased 3,458 (+98% YoY); homes under contract 2,611 (+130% YoY).
Inventory $1.9B (5,706 homes); CEO says doubled market share YoY; ramping acquisitions in 2024.
Guidance: on track to rescale business with Contribution Margin within target annual range.

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 first quarter ended March 31, 2024 results: revenue $1.2 billion, net income $(109) million.

Period: the first quarter ended March 31, 2024
Revenue: $1.2 billion
Net income: $(109) million
Result: reported results

Exact text from the filing

the future of real estate, empowering consumers to sell and buy with ease through a simple, certain, and transparent offering.” First Quarter 2024 Key Highlights • Revenue of $1.2 billion, down (62)% versus 1Q23 and up 36% versus 4Q23; with 3,078 total homes sold, down (63)% versus 1Q23 and up 30% versus 4Q23 • Gross profit of $114 million, versus $170 million in

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Source: SEC EDGAR

accession 0001801169-24-000084

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