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Opendoor Technologies Inc. announced the appointment of Eric Feder, President of LENX and a senior executive at Lennar , to its Board of Directors. Feder brings deep industry expertise to the team and his appointment marks a significant milestone in Opendoor's relationship with Lennar. Jason Kilar also announced his resignation from the Board, effective June 14, 2024.
Opendoor Technologies Inc. (Nasdaq: OPEN) reported strong first quarter 2024 financial results, exceeding guidance in revenue, Contribution Margin, and Adjusted EBITDA. The company's market share doubled year-over-year, with industry-leading seller NPS. Opendoor is focused on rescaling the business in 2024, highlighted by a proposed NAR settlement. The company continues to empower consumers in real estate transactions with a simple, certain, and transparent approach.
Key financial highlights include a revenue of $1.2 billion, a gross profit of $114 million, a net loss of $(109) million, and an inventory balance of $1.9 billion. Opendoor also provided second quarter 2024 guidance with revenue projected between $1.4 billion to $1.5 billion and Contribution Profit guidance of $75 million to $85 million, while Adjusted EBITDA is expected to range from $(35) million to $(25) million.
