Loading...
•
Jun 30, 2023
Opendoor Q2 2023 Earnings Report
Opendoor's financial performance reflected progress in strengthening its offering, driving cost efficiencies, and managing risk.
Key Takeaways
Opendoor Technologies Inc. reported Q2 2023 financial results, exceeding the high end of guidance with a focus on cost efficiencies and risk management. The company sold 5,383 homes and saw a decrease in revenue compared to both Q2 2022 and Q1 2023. They anticipate a return to positive contribution margin levels in Q3 2023.
Revenue was $2.0 billion, a (53)% decrease versus Q2 2022 and (37)% decrease versus Q1 2023.
Gross profit was $149 million with a gross margin of 7.5%.
Net income was $23 million, compared to a net loss of $(54) million in Q2 2022.
Inventory balance was $1.1 billion, representing 3,558 homes, down (83)% versus Q2 2022.
Forward Guidance
Opendoor anticipates revenue between $950 million and $1.0 billion and Adjusted EBITDA between $(60) million and $(70) million for Q3 2023.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...