Opendoor Lost Nearly $1B In Q3 Amid 'Once-In-40-Years Market Transition'
In total, Opendoor suffered a net loss of $928 million between July and September, according to an earnings report Thursday.
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In total, Opendoor suffered a net loss of $928 million between July and September, according to an earnings report Thursday.
According to recent reports, Opendoor has fired 18% of its employees due to housing cutbacks. Chief Executive Officer Eric Wu announces job cuts amid ‘one of the most challenging real estate markets in 40 years.’
A day after letting go of nearly 550 workers, or 18% of the company’s workforce, real estate technology company Opendoor on Thursday Nov. 3 announced staggering losses, with a net loss of $928 million compared to $57 million in Q3 2021.
Many of the industry's big companies are about to report their third-quarter earnings. The reports will offer the first in-depth look at how firms coped with a rapidly cooling market.
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