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Mar 31, 2024
Opendoor Q1 2024 Earnings Report
Opendoor's financial performance exceeded expectations, with revenue up 36% from the previous quarter and significant progress in market share and seller NPS.
Key Takeaways
Opendoor Technologies Inc. reported its Q1 2024 financial results, exceeding guidance with a revenue of $1.2 billion, a gross profit of $114 million, and a net loss of $(109) million. The company saw a 36% increase in revenue compared to the previous quarter and more than doubled its market share year-over-year.
Revenue reached $1.2 billion, showing a 36% increase compared to Q4 2023.
Gross profit was $114 million, with a gross margin of 9.7%.
Net loss was $(109) million.
Inventory included 5,706 homes, valued at $1.9 billion.
Opendoor
Opendoor
Forward Guidance
Opendoor anticipates revenue between $1.4 billion and $1.5 billion, Contribution Profit between $75 million and $85 million, and Adjusted EBITDA between $(35) million and $(25) million for the second quarter of 2024.
Positive Outlook
- Revenue guidance of $1.4 billion to $1.5 billion
- Contribution Profit guidance of $75 million to $85 million
- Adjusted EBITDA guidance of $(35) million to $(25) million
- Ramping acquisitions in 2024
- Rescale the business in 2024