Business
Opendoor Announces First Quarter of 2024 Financial Results
SAN FRANCISCO, May 02, 2024 (GLOBE NEWSWIRE) -- Opendoor Technologies Inc. (Nasdaq: OPEN), a leading e-commerce platform for residential real estate
About this update from Opendoor Technologies Inc
[{"type":"text","content":"SAN FRANCISCO, May 02, 2024 (GLOBE NEWSWIRE) -- Opendoor Technologies Inc. (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its first quarter ended March 31, 2024. Opendoor’s first quarter 2024 financial results and management commentary can be accessed through the Company’s shareholder letter on the “Quarterly Reports” page of Opendoor’s investor relations website at https://investor.opendoor.com. “Our first quarter results exceeded the high end of our guidance across revenue, Contribution Margin, and Adjusted EBITDA. Our product continues to resonate with customers, as we more than doubled our market share year-over-year and continued to deliver industry-leading seller NPS. We entered the second quarter with strong momentum, and we are meaningfully ramping acquisitions in 2024. Led by our operating principles of focus, execution, and results, we remain on track to durably rescale the business in 2024 while delivering Contribution Margin within our target annual range,” said Carrie Wheeler, CEO of Opendoor. Wheeler continued, “The proposed NAR settlement underscores a growing consumer preference for an alternative approach to the traditional home selling and buying process – one that gives them more control. As the largest digital platform for residential real estate transactions, Opendoor was built for this moment, and we remain steadfast in our mission to power life’s progress, one move at a time. We’re shaping the future of real estate, empowering consumers to sell and buy with ease through a simple, certain, and transparent offering.” First Quarter 2024 Key Highlights Revenue of $1.2 billion, down (62)% versus 1Q23 and up 36% versus 4Q23; with 3,078 total homes sold, down (63)% versus 1Q23 and up 30% versus 4Q23Gross profit of $114 million, versus $170 million in 1Q23 and $72 million in 4Q23; Gross Margin of 9.7%, versus 5.4% in 1Q23 and 8.3% in 4Q23Net loss of $(109) million, versus $(101) million in 1Q23 and $(91) million in 4Q23Inventory balance of $1.9 billion, representing 5,706 homes, down (11)% versus 1Q23 and up 6% versus 4Q23Purchased 3,458 homes, up 98% versus 1Q23 and down (6)% versus 4Q23Ended the quarter with 2,611 homes under contract for purchase, up 130% versus 1Q23 and up 24% versus 4Q23 Non-GAAP Key Highlights* Contribution Profit ...