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Sep 30, 2023
Opendoor Q3 2023 Earnings Report
Opendoor's Q3 2023 results demonstrated strong execution and market share gains amid an uncertain housing market, marked by a return to positive contribution margin and operational excellence through pricing improvements, cost savings, and risk management.
Key Takeaways
Opendoor's Q3 2023 results were in line with or ahead of prior guidance, driven by a focus on operational excellence. The company returned to a positive contribution margin and saw market share gains. Revenue was $980 million, and the net loss was $(106) million.
Revenue reached $980 million, a 71% decrease year-over-year and a 50% decrease compared to the previous quarter.
Gross profit was $96 million, a significant improvement from the $(425) million loss in 3Q22.
Net loss was $(106) million, compared to $(928) million in 3Q22.
The company purchased 3,136 homes, a 63% decrease year-over-year but a 17% increase compared to the previous quarter.
Forward Guidance
Opendoor provided the following guidance for Q4 2023: revenue of $800 million to $850 million, Contribution Profit of $15 million to $25 million, and Adjusted EBITDA of $(105) million to $(95) million.
Historical Earnings Impact
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