Opendoor Q4'20 net loss shrinks YOY

Opendoor Technologies Inc. booked 2020 fourth-quarter net loss attributable to the company of about $87.8 million, or 49 cents per share, compared to a loss of $91.7 million, or $1.11 per share, in the year-ago quarter.

Gross profit for the fourth quarter fell year over year to $38.4 million from $74.0 million.

Revenue for the quarter totaled $248.9 million, down significantly from $1.26 billion in the 2019 quarter.

For the full year, net loss attributable to the company totaled $286.8 million, or $2.62 per share, compared to the year-ago loss of $341.0 million, or $4.37 per share.

Full-year gross profit totaled $219.8 million, compared to $301.3 million in 2019.

Revenue for 2020 totaled $2.58 billion, down from $4.74 billion in 2019.

In reporting results, the company said it expects first-quarter total revenue in the range of $600 million to $625 million, representing 146% sequential growth over the 2020 fourth quarter at the midpoint of the expected range.

Opendoor, which recently became a publicly traded company via a merger with blank-check company Social Capital Hedosophia Holdings Corp. II, attributed the improved results to better contribution margin performance and prudent operating expense controls amid the coronavirus pandemic.

In the fourth quarter, total homes sold were 849, compared to the year-ago figure of 5,013. For 2020, home sales totaled 9,913, compared to 18,799 in 2019.