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Opendoor Technologies | 8-K: Opendoor Announces Fourth Quarter and Full Year 2023 Financial Results

SEC announcement · Feb 15 16:33

OPEN +8.87%

Summary by Moomoo AI

On February 15, 2024, Opendoor Technologies Inc., a prominent player in the e-commerce platform for residential real estate, announced its financial results for the fourth quarter and full year ended December 31, 2023. The announcement was made through a press release and a shareholder letter, which were furnished as exhibits to the company's Current Report on Form 8-K. Additionally, an earnings supplement was posted on the company's investor relations website. Despite a challenging housing market, Opendoor's fourth quarter results surpassed the upper end of their guidance ranges, with CEO Carrie Wheeler highlighting the company's focus and execution throughout the year. For the full year of 2023, Opendoor reported a revenue of $6.9 billion, a 55% decrease from 2022, and sold a total of 18,708 homes, marking a 52% decrease from the previous year. The company's gross profit stood at $487 million with a gross margin of 7.0%, an improvement from 4.3% in 2022. However, Opendoor experienced a net loss of $275 million, which is an improvement from the $1.4 billion net loss in 2022. The company purchased 11,246 homes in 2023, down from 34,962 in 2022. Non-GAAP financial measures were also provided, including a contribution loss profit of $258 million and an adjusted EBITDA of $627 million. Looking ahead to the first quarter of 2024, Opendoor provided revenue guidance of $1.05 billion to $1.1 billion, with a contribution profit guidance of $40 million to $50 million, and an adjusted EBITDA guidance of a loss between $80 million to $70 million. The company remains optimistic about its positioning to rescale the business in 2024.

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