Opendoor Q4 Final Estimate and Q1 '24 Sneak Peek

Written by Tyler Okland

Opendoor is wrapping up 2023 with its Q4 earnings report February 15th after the market close. And what could be more romantic than cuddling up to crisp fiscal reporting the evening after Valentine's Day?

We are *ready* to put Opendoor's 2023 in the rearview. The team accomplished a ton this past year, and took the time (came in on Sundays) to redesign a 1P business with a chance to be profitable at reasonable margins. This past week we also learned Opendoor reduced engineering, product and design headcount by 12%, with plans to backfill those roles in India. We don't have a number for this, but the team continues to reduce costs where possible.

However, for those inspired by Opendoor's mission to reinvent residential real estate, for those who love revenue charts with y-axes scaled logarithmically, and for those who want to prove Opendoor gravedancing anons wrong - 2023 was a bland affair. Home sales have remained flat for six months, with declining margins since September, and acquisiton volume has rarely been lower. Check, check, check.

In 3 weeks we put that behind us, and look ahead to the most critical period of Opendoor's young existence. So today, we share final estimates for Opendoor's Q4, alongside a sneak peek into Opendoor's early 2024 performance.

Without further ado...

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