The real estate technology company 10-year-old iBuyer Opendoor has turned a notable profit of $23 million in its Q2 financial report. This marks a growth of 174% from the first quarter of the current year. Additionally, the company increased the number of homes purchased in its second quarter by 53% from the previous quarter.
The profit speaks volumes to how quickly the company has grown over the past few months. During the second quarter, revenues also expanded 130%, nearing the company’s all-time high of $519 million. This growth is attributed to an increase in Opendoor’s presence in the home-buying market with 54 cities across the United States.
Most notable elements of Q2 report:
• $23 million profit growth of 174% from Q1
• Opendoor purchased 2,680 homes, increased 53% from prior quarter
• Revenues expanded 130% nearing the company’s all-time high $519 million
• Opendoor expansion to 54 cities across the US
You can read this full article at: https://www.housingwire.com/articles/opendoor-delivers-profitability-buys-2680-homes-in-q2/(subscription required)
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