Opendoor Q3 2022 Earnings Report
Key Takeaways
Opendoor Technologies Inc. reported its Q3 2022 financial results, with revenue of $3.4 billion, a gross loss of $(425) million (including a $573 million inventory valuation adjustment), and a net loss of $(928) million. The company focused on accelerating resale velocity and increasing spreads on new acquisitions to improve inventory health. They also launched Exclusives, a marketplace to connect buyers and sellers.
Revenue reached $3.4 billion, a 48% increase compared to Q3 2021, with 8,520 homes sold, up 42% from the previous year.
Gross loss amounted to $(425) million, reflecting a $573 million inventory valuation adjustment, compared to a $202 million profit in Q3 2021.
Net loss was $(928) million, a significant increase from the $(57) million loss in Q3 2021.
Inventory balance stood at 16,873 homes, valued at $6.1 billion, a 3% decrease compared to Q3 2021.
Opendoor
Opendoor
Forward Guidance
Opendoor anticipates revenue between $2.3 billion and $2.5 billion and Adjusted EBITDA between $(355) million and $(335) million for Q4 2022.