Earnings statements for the third quarter of the year are rolling out and we’re diving in to examine the market slowdown’s impact on revenue and growth for some of the industries biggest companies.
Offerpad released its numbers with mixed results. On an annual basis, revenue was up more than $280 million in Q3, coming in at $821.7 million. Last year, Offerpad brought in $540.3 million in Q3 revenue.
The company, however, posted a net loss of $80 million for the third quarter, a huge jump from a $15.3 million net loss in Q3 of 2021.
“Offerpad’s core strategy of providing a comprehensive suite of real estate solutions is more important than ever given the recent market volatility. Because of our diverse product offerings, including our asset-light listing service, Offerpad has continued to offer customers more certainty and control throughout this market transition,” said Brian Bair, Chairman and CEO of Offerpad. “Our Flex listing and buying service increased from 7 percent of our transactions in the second quarter of 2020 to 29 percent of our transactions in the third quarter of 2022, highlighting the diversity of Offerpad’s business and the continued value we provide to customers.
“Despite the current market volatility,” Bair continued, “I firmly believe technology-enabled solutions that simplify the home ownership experience will define the future of real estate.”
Offerpad’s gross profit was $2.2 million last quarter, compared to $53.1 million last year.