Third quarter earnings reports are rolling out, and we’re covering all the major real estate and mortgage brands for you. Next up: Opendoor
Zillow’s iBuyer bad luck didn’t rub off on Opendoor. According to the company’s latest earnings report, Opendoor saw a 91 percent increase in revenue between Q2 and Q3, bringing it’s revenue to $2.3 billion.
In terms of gross profit, Opendoor reports pulling in $202 million compared to $159 million last quarter. The company did see net income slow to $57 million, compared to the previous quarter’s $144 million.
“Over the years, I am often asked whether our vision and strategy has changed. The short answer is no—we have always been focused on making it possible to buy, sell, and move at the tap of a button,” said Eric Wu, Co-Founder and CEO of Opendoor, in a company statement. “We have been consistently focused on investing in that future experience, piece by piece, with the consumer in mind at every step.
“Our third quarter results are the byproduct of our focus on the consumer experience and strong, consistent execution,” Wu continued. “We exceeded our expectations in generating $2.3 billion of revenue, acquiring 15,181 homes, and delivering over $170 million of Contribution Profit and $35 million of Adjusted EBITDA.”
Opendoor reports that the platform sold 5,988 homes in Q3.