Opendoor Technologies Inc - OPEN STOCK NEWS

Opendoor Technologies grants restricted stock units to non-executive employees

Opendoor Technologies Inc. reported financial results for its quarter ended June 30, 2023. Revenue was $2.0 billion, down 53% YoY. Gross profit was $149 million, with a gross margin of 7.5%. Net income was $23 million, compared to a loss of $54 million in the same quarter last year. Adjusted net income was a loss of $197 million. Opendoor expects to return to positive contribution margin levels in Q3. The company's inventory balance was $1.1 billion, representing 3,558 homes.

Opendoor Technologies Inc. reported financial results for Q1 2023, with revenue of $3.1 billion, down 39% YoY. Gross profit was $170 million, reflecting an inventory valuation adjustment. Net loss was $101 million, while adjusted net loss was $409 million. The company purchased 1,747 homes, down 81% YoY, and ended the quarter with 1,137 homes under contract for purchase, down 86% YoY. The 2Q23 revenue guidance is $1.75 billion to $1.85 billion.

Opendoor Technologies Inc. (Nasdaq: OPEN) announced that it will release its first quarter 2023 financial results on May 4, 2023, after market close. Following the announcement, management will hold a conference call at 2:00 p.m. PT (5:00 p.m. ET) to discuss the company’s performance and financial metrics. The call will be accessible via a live webcast on Opendoor's investor relations website, with a replay available for one year. Opendoor is focused on simplifying the process of buying and selling homes and operates across numerous U.S. markets since its inception in 2014. This forthcoming earnings report is anticipated by investors for insights into the company's financial trajectory.

Opendoor Technologies Inc. (Nasdaq: OPEN) reported its 2022 financial results, highlighting a 94% increase in total revenue to $15.6 billion, with 39,183 homes sold, a rise of 80%. Despite these gains, the company faced challenges, including a net loss of $(1.4 billion) compared to $(662 million) in 2021. Gross profit was $667 million, reflecting a significant inventory valuation adjustment. In Q4 2022, revenue decreased 25% year-over-year to $2.9 billion, with net loss swelling to $(399 million). Looking ahead, Opendoor provided revenue guidance for Q1 2023 between $2.45 billion and $2.65 billion, while projecting adjusted EBITDA losses.

Zillow and Opendoor have launched a new partnership allowing homeowners in Atlanta and Raleigh to compare selling options directly on Zillow. Sellers can now request cash offers from Opendoor while also getting market estimates from Zillow Premier Agent partners. This initiative is part of Zillow's commitment to simplify the home-selling process, as highlighted by a recent survey indicating a third of Americans find selling emotionally taxing. This feature is expected to enhance the user experience on Zillow, which sees millions of visitors monthly. Future market expansions are planned to roll out additional services.

Zillow and Opendoor have partnered to streamline the home-selling process for homeowners in Atlanta and Raleigh. Homeowners can now request a cash offer from Opendoor while simultaneously receiving an estimate for selling on the open market through Zillow Premier Agents.

This initiative aims to simplify selling by offering multiple options in one place. Users can work with licensed advisors or explore options independently. The service is part of Zillow's broader aim to enhance its real estate offerings, including financing through Zillow Home Loans. This new feature will expand to more markets across the United States in the upcoming months.