Making Sense of Opendoor's Q1 Guide + January & February Results

Opendoor just announced Q4 2022 results, as well as guidance for Q1 2023. 

There's much to digest from the earnings call. In one breath, a notable departure, a more conservative Exclusives scaling pace, and a perplexing guide. Below, we break down each of these, plus provide Opendoor's January and February performance.

I can share here that there has never been a moment in Opendoor's public history where their guidance and our internal estimates have varied so significantly. Curious.

Let's dive in.