The iBuyer also experienced a loss of $144 million between April and June, and sold a total of 3,481 homes.
IBuying behemoth Opendoor saw its revenue jump more than 46 percent in the second quarter of 2021, according to a new earnings report.
The report shows that between April and June of this year, Opendoor raked in $1.2 billion. That easily bested the second quarter of 2020, when the coronavirus pandemic walloped the U.S. economy and the iBuyer earned about $740 million in revenue. It also represents a 59 percent increase over the first quarter of 2021, when the company was beginning to see a major rebound.
Opendoor’s revenue numbers also beat analysts’ expectations, which had forecast a haul of $1.07 billion in revenue. That would have represented a year-over-year increase of 43.4 percent.
Wednesday’s report additionally shows Opendoor sold 3,481 homes during the second quarter of 2021, and that it experienced an overall loss of $144 million. That loss is down from $270 million between January and March, but up from about $56 million one year ago.
Wednesday’s report sent Opendoor stock soaring in after hours trading. While shares spent much of the day falling, and ultimately settled at around $14.50 as the market closed, they jumped up to more than $17 in after hours trading after the report’s publication. That’s up significantly compared to a week ago, but down from highs of nearly $40 per share in late winter — a time when many real estate stocks hit highs before then declining.
When the markets closed Wednesday, Opendoor had a market cap of nearly $8.8 billion.
Wednesday’s report is the third time Opendoor has announced earnings since going public in December. The first report, from March, showed Opendoor earning $248 million in revenue during the fourth quarter of 2020. The second report showed that between January and March the company brought in $747 million in revenue — a notable rebound after the comparative hard times of 2020.
As the biggest and best-known of the dedicated iBuyers, Opendoor’s successes or failures inevitably serve as a litmus test for the category generally. That category has drawn attention in particular lately thanks to multiple reports suggesting iBuyers offers are becoming more competitive, to the point that they now on average pay above homes’ market value. However at the same time, iBuyers are also selling houses for more money than ever before, real estate analyst and Inman contributor Mike DelPrete recently found.
Update: This post was updated after publication with additional information from Opendoor’s earnings report, and with details from a conference call company leaders held with investors.