The iBuyer has done a great job of right-sizing its business and moving toward profitability.Opendoor (OPEN -4.25%) wasn't exactly a strong performer in the 2022 bear market, as the real estate slowdown was a terrible catalyst for its business. However, since that time, Opendoor's management has done a solid job of right-sizing the business and focusing on improving profitability. In this video, I'll talk about the recent results and another factor that could lead me to buy shares in the not-too-distant fut ...

Housing trends are not in its favor.Opendoor Technologies (OPEN 8.87%) stock dropped 34% in April, according to data provided by S&P Global Market Intelligence. There wasn't any news specific to Opendoor in April, but the market was pessimistic due to stubborn inflation, and companies like Opendoor that are affected by inflation took a strong hit from the negative sentiment.Opendoor's struggles won't end until the housing market improvesOpendoor operates an iBuying business, which means it buys properties f ...

Opendoor Technologies Inc (NASDAQ:OPEN) Q1 2024 Earnings Conference Call May 2, 2024 5:00 PM ET Company Participants Kimberly Niehaus - Investor Relations Carrie Wheeler - Chief Executive Officer Christy Schwartz - Chief Financial Officer, Interim Dod Fraser - President, Open Exchange and Capital Conference Call Participants Dae Lee - JPMorgan Ygal Arounian - Citi Nick Jones - Citizens JMP Ryan Tomasello - KBW Operator Good day. And thank you for standing by. Welcome to Opendoor Technologies’ First Quarter ...

Revenue and Sales Performance - Revenue for Q1 2024 was $1,181 million, a decrease of 62% from $3,120 million in Q1 2023[126] - The company sold 3,078 homes in Q1 2024, a 63% decrease from 8,274 homes sold in Q1 2023[180] - Homes sold in Q1 2024 totaled 3,078, a decline of 63% from 8,274 homes sold in Q1 2023[126] - Homes purchased increased to 3,458 in Q1 2024, up from 1,747 in Q1 2023, marking a growth of 98%[126] Profitability and Margins - Gross profit for Q1 2024 was $114 million, down from $170 million in Q1 2023, resulting in a gross margin of 9.7% compared to 5.4% in the previous year[126] - Contribution profit for Q1 2024 was $57 million, a significant improvement from a loss of $241 million in Q1 2023[126] - Adjusted EBITDA for Q1 2024 was a loss of $50 million, compared to a loss of $341 million in Q1 2023, reflecting an 85% improvement[126] - Adjusted Net Loss for Q1 2024 was $80 million, significantly improved from a loss of $409 million in Q1 2023[161] Operating Expenses and Cost Management - Total operating expenses decreased by 32% to $201 million in Q1 2024 from $294 million in Q1 2023[178] - Sales, marketing, and operations expenses decreased by $75 million, or 40%, for the three months ended March 31, 2024, compared to the same period in 2023[185] - General and administrative expenses decreased by $19 million, or 29%, for the three months ended March 31, 2024, compared to the same period in 2023[186] - Interest expense decreased by 50% to $37 million in Q1 2024 from $74 million in Q1 2023[178] Inventory and Market Operations - The number of markets operated in remained at 50 as of March 31, 2024, down from 53 at the end of 2023[126] - The company entered 2024 with 5,326 homes in inventory, a 58% decrease from 12,788 homes at the start of 2023[182] - The percentage of homes "on the market" for more than 120 days decreased to 15% in Q1 2024 from 59% in Q1 2023[126] Financial Position and Debt - Cash and cash equivalents as of March 31, 2024, totaled $953 million, with a decline of $78 million compared to December 31, 2023[193] - Total outstanding balances on asset-backed debt were $2.1 billion as of March 31, 2024[194] - The company had undrawn borrowing capacity of $6.0 billion under non-recourse asset-backed debt facilities as of March 31, 2024[194] - The company reported a net cash used in operating activities of $(178) million for the three months ended March 31, 2024, compared to $2.2 billion for the same period in 2023[221] Future Outlook and Strategic Initiatives - The company expects transaction volumes to gradually increase as mortgage rates decline and demographic factors contribute to home turnover[131] - Opendoor is expanding its partnerships with major online real estate platforms, including Zillow and eXp Realty, to enhance brand awareness and customer acquisition[133] - The company plans to evaluate opportunities to expand financing sources to diversify its capital structure[174] Economic and Market Conditions - Ongoing inflationary pressures have impacted the cost of goods and services, including labor and materials for home repairs[233] - The company is attempting to offset inflation impacts through pricing and operational models, but significant inflationary pressure could harm its financial condition[233] - The Federal Reserve has implemented several increases to the federal funds rate since 2022, affecting mortgage interest rates and the company's business[234]

Exhibit 99.1 SAN FRANCISCO, California - May 2, 2024 - 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. Opendoor Announces First Q ...

SAN FRANCISCO, May 02, 2024 (GLOBE NEWSWIRE) -- Opendoor Technologies Inc. ("Opendoor") (NASDAQ:OPEN), a leading e-commerce platform for residential real estate transactions, today announced that Eric Feder, President of LENX and a senior executive at Lennar Corporation, has been appointed to its Board of Directors, effective as of May 1, 2024. "We are delighted to have Eric Feder join our Board," said Carrie Wheeler, Opendoor CEO and Board Director. "Eric is a seasoned executive in residential real estate ...

These stocks are riskier than your household names, but pack portfolio-changing potential if they work out.If you want to invest in artificial intelligence (AI), there are plenty of companies to choose from. Household names like Microsoft or Nvidia come to mind.However, keep in mind that these companies are worth trillions of dollars today. There is a good chance that their best returns are in the rearview mirror. You'll need to venture into the unknown if you're hunting for life-changing investment returns ...

Investing in a company seeking to reinvent the housing market could change your portfolio for the better.The best investments are often small companies with bold ideas that change the game for an industry. Opendoor Technologies (OPEN -2.17%) fits that description nicely.Today, buying and selling a home is about as painful as it was 40 years ago. Opendoor's ambition to bring a digital touch to the experience and more accessible liquidity for buyers and sellers gives the stock immense potential, even if there ...

SAN FRANCISCO, April 04, 2024 (GLOBE NEWSWIRE) -- Opendoor Technologies Inc. ("Opendoor") (NASDAQ:OPEN), a leading e-commerce platform for residential real estate transactions, today announced that it will report first quarter 2024 financial results for the period ended March 31, 2024 following the close of the market on Thursday, May 2, 2024. On that day, management will host a conference call and webcast at 2:00 p.m. PT (5:00 p.m. ET) to discuss the company's business and financial results. What: Opendoor ...

Opendoor Technologies Inc. (OPEN) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.Shares of this company have returned -21.5% over the past month versus the Zacks S&P 500 composite's +3.3% change. The Zacks Technology Services industry, to which Opendoor Technologies Inc. belongs, has gained 2.5% over this period. Now the key question is: Where could the stock be h ...