Opendoor loses $928M in 3Q

Opendoor reported a net loss of $928 million in the third quarter, which presents some serious questions for one of the last iBuyers standing at scale. The company still has cash reserves on hand, and responded quickly to the changing market, but net losses approaching a $1 billion in a quarter while Redfin shuts its iBuying operation down, leaves questions about the sustainability of its core model. The company will cut 550 staff, an 18 percent reduction, as it looks to weather the storm and keeps up the hunt for the scale its model requires to succeed. All eyes will be on its next several quarters.