Opendoor revenue plunged 45% in 2020

first_img iBuyingopendoorResidential Real Estate Share via Shortlink Opendoor CEO Eric Wu (Opendoor, iStock/Illustration by Alexis Manrodt for The Real Deal)In its first earnings as a public company, Opendoor reported a 45 percent drop in revenue attributed to its pause in home-buying in the early months of the pandemic.The iBuyer generated $2.6 billion in revenue last year, compared to $4.7 billion in 2019. The company reported a net loss of $286.8 million, down from $339.2 million a year earlier.Even as it sought to rebuild its inventory during the fourth quarter, it had few homes to sell and quarterly revenue was $248.9 million, down 80 percent from $1.3 billion in 2019. Opendoor’s net loss for the fourth quarter was $87.8 million compared to $91.7 million.During its earnings call Thursday, CEO Eric Wu acknowledged the toll the pandemic took on its home-buying operation. Opendoor sold off an estimated $1 billion worth of inventory last year amid uncertainty in the market. It has since rebuilt its inventory to 1,827 homes valued at $466 million.ADVERTISEMENTNotwithstanding the turbulence of 2020, Wu said Opendoor is poised to benefit from the U.S. housing boom and adoption of digital home-buying tools. “We’ve been building Opendoor behind the scenes for this moment,” he said. “The adoption of digital products is rising sharply; real estate is no exception.”Read moreHere are the big winners from Opendoor’s IPO Opendoor’s valuation soars to $18B ahead of trading Opendoor to go public in $4.8B SPAC deal Founded in 2014, Opendoor is the leader in the nascent-but-growing iBuying sector. It makes cash offers for homes, providing sellers the speed and certainty of a transaction for a fee. Competitors in the space include Zillow, Offerpad and Redfin, among others.Last spring, nearly all of the major iBuyers suspended home-buying, citing the difficulty in valuing homes during the early part of the pandemic. U.S. home sales have since rebounded, and 2020 home sales hit a 14-year high, according to the National Association of Realtors.Opendoor went public in December after merging with a blank-check firm backed by investor Chamath Palihapitiya. The IPO valued Opendoor at $4.7 billion and generated net proceeds of $970 million. Opendoor later raised $860 million in follow-on equity.The stock has bounced around over the past few months, however. Shares closed at $31.25 on Dec. 21, its first day of trading. The stock hit a high of $38.26 on Feb. 11. But the price closed at $24.39 per share on Thursday, down 15 percent from a day earlier.During the earnings call, Opendoor said it plans to expand to 42 markets — twice what it has now — including six new markets during the first quarter of the year.In addition to working with sellers, Opendoor recently launched a “cash offer” program that allows buyers to make cash offers backed by Opendoor. “We know the market is competitive,” Wu said. “This feature, and more to come, demonstrates our ability to innovate quickly based on what we’re seeing in the market.”Asked during the call about Opendoor’s competition with Zillow, Wu replied that he’s focused on building a new sector.Contact E.B. Solomont Tags Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Email Address* Message* Full Name*last_img read more

On the microphysical processing of aged combustion aerosols impacting warm rain microphysics over Asian megacities

first_imgThis paper delineates the process of activation of soot or black carbon particles into cloud droplets over Chennai, India (an Asian megacity). Archaic wood-fired cooking stove emissions from crowded shantytown settlements dispense copious amounts of carbonaceous particles into the city’s atmosphere during morning and evening cooking periods. Traffic emissions also add considerably to the city’s particulate matter loads. At other times, when these sources are reduced (e.g. during non-cooking periods), a pall of residual pollution hovers above the city. This study assesses this problem definitively through process modelling studies undertaken during a typical pre-monsoonal month (October) when the levels of pollution are very high. The novelty of this paper includes a clear quantification of the percentage of activated nuclei resulting from these sources using a sophisticated cloud chemical parcel model. The results show that 85% of the soot and black carbon particles are activated into very small low-lying cloud droplets within Chennai’s boundary layer. We further show for the first time that the presence of these particles results in a slowing down of the auto-conversion process (cloud water to rain droplets). This study could serve as a pointer for other Asian Cities with a sizeable shantytown population in India and elsewhere.last_img read more

Basketball looks ahead to Oregon game

first_imgA pair of strong victories over the weekend have helped stabilize the USC men’s basketball team after it underwent a bumpy start to Pac-12 competition this season.Senior guard Elijah Stewart scored 9 points against Utah, going 3-for-4 from long range. Tucker Judkins | Daily TrojanA 20-point scoring effort from senior guard Jordan McLaughlin propelled the Trojans past visiting Colorado on Jan. 10, 70-58. The victory over the Buffs was followed up by an 84-67 USC routing of Utah on Sunday, a game which saw the Trojans hit a season-high 14 3-pointers as a team.USC’s (13-6) weekend sweep at the Galen Center improved it’s conference record to 4-2 this season and moved it into a tie for second-place with UCLA in the Pac-12 standings.“Every game in our league is a challenging one this season — we’re in a very deep conference,” USC head coach Andy Enfield said. “We’re happy with how we played this past week. We beat two tough teams at home and we’ve been playing some good basketball.”  The Trojans will look to extend their conference winning-streak to three games Thursday night, as they travel to Eugene to take on Oregon (12-6, 2-3). The Ducks, who are coming off a 90-83 loss to No. 14 Arizona, are led offensively by sophomore guard Payton Pritchard (who is averaging a team-high 15 PPG).“We’ve been playing some good basketball, very well on the defensive side of things over the past five games,” Enfield said. “We know it’s going to take another good defensive effort from our guys to pick up a win at Oregon.” Pac-12 losses to Arizona (Jan. 13), Oregon State (Jan. 5) and Utah (Dec. 29) have dropped Oregon to a 2-3 record in conference play this season. The Ducks currently find themselves situated at eighth in the Pac-12 standings. USC was swept in its series against Oregon last season, losing both games in double-digit fashion. When the Trojans traveled to Oregon last season, they returned with an 84-61 blowout loss to the Ducks. USC has not won a road contest against Oregon since the 2008-2009 season.“We’ve just got to show up and play some solid defense for an entire 40 minutes and knock down some shots,” McLaughlin, said. “It’s a little tough to be playing there, but then again every road game is tougher … If we can stick to playing fast, smart, unselfish, we should be in it.” McLaughlin, who leads the conference with 7.6 APG this season, is also averaging 13.2 PPG and has been the main offensive cog for the Trojans all season long. USC will look to McLaughlin to feed the other three Trojans scoring in double-figures this season: junior forwards Chimezie Metu (team-high 16.7 PPG) and Bennie Boatwright (15.4 PPG) and senior guard Elijah Stewart (10.9 PPG).“[McLaughlin’s] a great leader for us, and it’s really showing on the court right now,” Metu said. “If you’re in the right place on the floor, he’ll find you. He’s a guy who will make the right pass 10 times out of 10.” After losing to Stanford back on Jan. 7 in the most devastating of fashions (allowing a 55-foot 3-pointer as time expired in regulation), USC has responded resiliently by racking up back-to-back conference victories, both by double digits.After doing battle at Oregon on Thursday night, USC will proceed to play Oregon State (10-7, 2-3) in Corvallis on Saturday.Following a rocky non-conference outing this season, USC will have another opportunity to continue its upward trek in the conference standings this weekend. A successful weekend sweep of the Oregon schools would have the Trojans flirting with the top spot in the Pac-12 standings.“We’ve just got to take this road trip one game at a time,” McLaughlin said. “We’ll keep all our focus on [Oregon] first and see what goes from there.”last_img read more