It’s earnings report season for the real estate industry—and we’re keeping you up to date on all the latest numbers!
Opendoor closed out 2022 in a far worse place than it began the year, posting significant losses. According to the company’s earnings statement, Opendoor’s fourth quarter revenue was down 25 percent to $2.9 billion, compared to Q4 of 2021. Net loss was $399 million versus $191 million in 4Q21.
“2022 affirmed our conviction in what we are building—the most trusted e-commerce platform for residential real estate that will enable consumers to buy, sell, and move at the tap of a button. Customers come to Opendoor because they crave the certainty and convenience of our cash offer that they can’t get anywhere else. Even in this moment of high spreads, we are able to convert over 10 percent of real sellers and earn an NPS of nearly 80,” said Carrie Wheeler, CEO of Opendoor.
Wheeler continued, “As we enter 2023, our new book of homes is outperforming our expectations, and we’re pacing ahead of selling our older book of homes. We are focused on operating with excellence and leaning into our core strengths – the incredible power of our seller product, our unique pricing and operations capabilities, and our strong balance sheet—to emerge from this year stronger and more resilient than we’ve ever been.”
For the year as a whole, Opendoor posted total revenue of $15.6 billion, up 94 percent compared to 2021. The number of homes sold was also up some 80 percent annually to 39,183.
Net losses, however, totaled $1.4 billion, compared to $662 million in 2021.