Opendoor Technologies Inc. reported third-quarter 2024 revenue of $1.38 billion, exceeding its guidance and representing a 41% increase from Q3 2023. The company's Adjusted EBITDA Loss narrowed to $(38) million, and its GAAP Net Loss was $(78) million.
CEO Carrie Wheeler noted that acquisition volumes, revenue, Contribution Profit, and Adjusted EBITDA all surpassed guidance, despite persistent housing market headwinds such as stubbornly high mortgage rates, low clearance rates, and strained affordability. The company sold 3,615 homes and purchased 3,504 homes during the quarter.
Opendoor announced annualized savings of approximately $85 million expected in 2025, resulting from cost-reduction actions taken in the second half of 2024, including the Mainstay separation and workforce reduction. For the fourth quarter of 2024, the company provided guidance expecting revenue between $950 million and $1.025 billion, and an Adjusted EBITDA Loss between $(50) million and $(40) million.
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