Opendoor Q2 revenue $1.5B (-24% YoY), net loss $(92)M; narrows adjusted EBITDA to $(5)M

Opendoor Technologies Inc.

2024-Q2 EPS reported -$0.29 revenue$2,692,000,000

Revenue $1.5B, down 24% YoY; net loss $(92)M vs income $23M in Q2 2023.
Home purchases up 78% YoY to 4,771; inventory $2.2B (6,399 homes, +94% YoY).
Contribution profit $95M (margin 6.3%) vs $(90)M loss a year ago; adjusted net loss $(31)M.
CEO cites housing market slowing in late Q2; balancing growth, margin, and risk.
Expect to reduce adjusted net losses in FY 2024 compared to 2023.

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