Weeks after it reported losing nearly $1 billion in the third quarter, the leading iBuying company shook up its top executives. Founder Eric Wu was replaced as CEO by CFO Carrie Wheeler, and President Andrew Low Ah Kee has resigned. Continue reading
Offerpad’s stock slipped below $1 per share in late October, positioning the iBuyer to be delisted from the New York Stock Exchange, which would make it more difficult to buy and sell shares while scaring off investors. Continue reading
A slowing market is taking a toll on big real estate companies, though not every firm is suffering equally. A look back on the past three dramatic weeks of third-quarter wins, losses and draws. Continue reading
As Redfin winds down its operations, Opendoor and Offerpad are the last ones left for the most part — and they’re both struggling. Was iBuying a flash in the pan or is everyone simply looking in the wrong direction? Continue reading
The company earned $600.5 million in revenue during the third quarter, but also lost $90.2 million — up from a loss of just $18.9 million in the third quarter of 2021 — amid a worsening housing market. Continue reading
Real estate companies including Compass, Offerpad and Opendoor saw share prices hit all-time lows Monday. The rout suggests investors may have deep concerns about the real estate industry. Continue reading
In total, Opendoor suffered a net loss of $928 million between July and September, according to an earnings report Thursday. That’s up from a loss of just $57 million during the third quarter of 2021. Continue reading
The iBuyer brought in higher-than-expected revenues but racked up a much higher net loss than the previous year, according to a Q3 earnings call on Wednesday. Continue reading
The cuts affect approximately 550 people, Opendoor CEO Eric Wu said in a blog post Wednesday, and come amid a worsening housing market that has forced layoffs across the real estate industry. Continue reading
In an earnings call Tuesday, the real estate giant pointed to its Apartments.com business as a particularly successful standout in an otherwise challenging market this summer. Continue reading