Opendoor Q3 2023 Earnings Report
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.
Opendoor
Opendoor
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.