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Dec 31, 2022
Opendoor Q4 2022 Earnings Report
Opendoor's financial performance declined due to inventory valuation adjustments and a decrease in homes sold.
Key Takeaways
Opendoor Technologies Inc. reported a decrease in revenue and homes sold compared to Q4 2021. The company experienced a net loss of $(399) million, which was impacted by inventory valuation adjustments. However, Opendoor is focused on operating with excellence and leaning into its core strengths to emerge from this year stronger.
Revenue was $2.9 billion, a decrease of (25)% compared to 4Q21.
Total homes sold were 7,512, a decrease of (23)% compared to 4Q21.
Net loss was $(399) million, compared to $(191) million in 4Q21.
Purchased 3,427 homes, down (64)% versus 4Q21.
Opendoor
Opendoor
Forward Guidance
Opendoor provided its outlook for the first quarter of 2023.
Challenges Ahead
- 1Q23 revenue guidance of $2.45 billion to $2.65 billion
- 1Q23 Adjusted EBITDA1 guidance of $(350) million to $(370) million