Opendoor finished out the Spring sales season with a bang! The e-commerce platform has reported selling 10,482 homes during the second quarter of this year—a 201 percent increase compared to Q2 of 2021.
Those sales helped boost both revenue and profit for the San Francisco-based company, according to its latest earnings report. Opendoor closed out the quarter with $4.2 billion is revenue, up 254 percent versus the second quarter of last year. Additionally, gross profit was up 206 percent to $486 million.
The company announced a net loss of $54 million, versus $144 million in 2Q21. Adjusted net income was $122 million, versus $3 million in the second quarter of last year.
“We are proud of how we served our customers and of our financial performance in the second quarter. Revenue grew over 250 percent year-over-year, with gross profit of $486 million and Contribution Profit of $422 million—the highest of any quarter. These results enabled us to deliver a record first half of 2022,” said Eric Wu, Co-founder and CEO of Opendoor.
Driven, in part, by continued expansion, Opendoor was serving 51 markets by the end of Q2. New markets included New York and New Jersey, Detroit, Southwest Florida, Boston, Albuquerque, and Cincinnati.