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Mar 31, 2023
Opendoor Q1 2023 Earnings Report
Opendoor's Q1 2023 financial results reflected navigating the housing market transition, exceeding sell-through expectations, building inventory with strong margin performance, and right-sizing the cost structure.
Key Takeaways
Opendoor's Q1 2023 results showed a revenue of $3.1 billion, a net loss of $(101) million, and the sale of 8,274 homes. The company focused on managing the housing market transition, improving sell-through of older inventory, and building new inventory with strong margin performance.
Revenue was $3.1 billion, a decrease of 39% compared to Q1 2022.
Gross profit was $170 million, including a $23 million inventory valuation adjustment.
Net loss was $(101) million, compared to a net income of $28 million in Q1 2022.
The company purchased 1,747 homes, a decrease of 81% compared to Q1 2022.
Forward Guidance
Opendoor anticipates revenue between $1.75 billion and $1.85 billion and Adjusted EBITDA between $(180) million and $(200) million for Q2 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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