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A quick peek into Opendoor’s financial results


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In discussing the danger of replacing human workers with robots, Yeung and Kashani were sanguine, suggesting like others in the robotics industry that there would be a shift in labor but it won’t kill any jobs. Johnson-Roberson disagreed.n

“I think we are going to be replacing jobs, and we need to face that head on,” he said. “I think it’s important that we reckon with that, that a lot of these decisions, they have a long history of not thinking through what hte human consequences will be. So I’m an advocate for saying, look, we’re replacing jobs. Let’s think as a society: How do we address that? How do we deal with it? I think that we could live in a future with more just, fairer jobs with health insurance, more benefits. But I don’t think it is going to look how it looks today.”n”,”protected”:false},”excerpt”:”rendered”:”

The prospect of truly zero contact delivery seems closer u2014 and more important u2014 than ever with the pandemic changing how we think of last mile logistics. Autonomous delivery executives from FedEx, Postmates, and Refraction AI joined us to talk about the emerging field at TechCrunch Mobility 2020. FedEx VP of Advanced Technology and Innovation […]n”,”protected”:false,”author”:12084691,”featured_media”:2052852,”comment_status”:”open”,”ping_status”:”closed”,”sticky”:false,”template”:””,”format”:”standard”,”meta”:”outcome”:””,”status”:””,”crunchbase_tag”:0,”amp_status”:””,”carmot_uuid”:”3ad2771a-eae3-37dc-b6e8-dd0eedff47ad”,”categories”:[424613844,576595954,17396],”tags”:[419944026,215454,372072,64435192,576812254,576717948],”crunchbase_tag”:[],”tc_stories_tax”:[],”tc_ec_category”:[],”tc_event”:[576707933],”jetpack_featured_media_url”:”https://techcrunch.com/wp-content/uploads/2020/09/kashani-yeung-Johnson-Roberson.jpg”,”shortlink”:”https://tcrn.ch/34vJDlZ”,”rapidData”:”pt”:””,”pct”:””,”featured”:false,”subtitle”:””,”seoTitle”:””,”seoDescription”:””,”premiumContent”:false,”premiumCutoffPercent”:1,”tc_cb_mapping”:[“slug”:”fedex”,”cb_name”:”FedEx”,”cb_slug”:”fedex-organization”,”cb_link”:”https://crunchbase.com/organization/fedex”,”slug”:”refraction-ai”,”cb_name”:”Refraction AI”,”cb_slug”:”refraction-ai-organization”,”cb_link”:”https://crunchbase.com/organization/refraction-ai”,”slug”:”postmates”,”cb_name”:”Postmates”,”cb_slug”:”postmates-organization”,”cb_link”:”https://crunchbase.com/organization/postmates”],”associatedEvent”:”ad”:”display”:true,”title”:”TC Sessions Mobility is happening now! It’s not too late to grab your ticket for as low as $50″,”override_link”:””,”date”:1601942400,”link”:”https://techcrunch.com/events/tc-sessions-mobility-2020/”,”livestreams”:false,”status”:”current”,”title”:”TC Sessions: Mobility 2020″,”termID”:576707933,”event”:1901027,”authors”:[12084691],”hideFeaturedImage”:true,”_links”:”self”:[“href”:”https://techcrunch.com/wp-json/wp/v2/posts/2057050″],”collection”:[“href”:”https://techcrunch.com/wp-json/wp/v2/posts”],”about”:[“href”:”https://techcrunch.com/wp-json/wp/v2/types/post”],”replies”:[“embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/comments?post=2057050″],”version-history”:[“count”:5,”href”:”https://techcrunch.com/wp-json/wp/v2/posts/2057050/revisions”],”predecessor-version”:[“id”:2057167,”href”:”https://techcrunch.com/wp-json/wp/v2/posts/2057050/revisions/2057167″],”authors”:[“embeddable”:true,”href”:”https://techcrunch.com/wp-json/tc/v1/users/12084691″],”https://techcrunch.com/edit”:[“href”:”https://techcrunch.com/wp-admin/post.php?post=2057050&action=edit”],”author”:[“embeddable”:true,”href”:”https://techcrunch.com/wp-json/tc/v1/users/12084691″],”wp:featuredmedia”:[“embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/media/2052852″],”wp:attachment”:[“href”:”https://techcrunch.com/wp-json/wp/v2/media?parent=2057050″],”wp:term”:[“taxonomy”:”category”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/categories?post=2057050″,”taxonomy”:”post_tag”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/tags?post=2057050″,”taxonomy”:”_tc_cb_tag_taxonomy”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/crunchbase_tag?post=2057050″,”taxonomy”:”tc_stories_tax”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/tc_stories_tax?post=2057050″,”taxonomy”:”tc_ec_category”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/tc_ec_category?post=2057050″,”taxonomy”:”tc_event”,”embeddable”:true,”href”:”https://techcrunch.com/wp-json/wp/v2/tc_event?post=2057050″],”curies”:[“name”:”wp”,”href”:”https://api.w.org/rel”,”templated”:true],”_embedded”:{“authors”:[“id”:12084691,”name”:”Devin Coldewey”,”url”:”https://coldewey.cc”,”description”:””,”link”:”https://techcrunch.com/author/devin-coldewey/”,”slug”:”devin-coldewey”,”avatar_urls”:”24″:”https://secure.gravatar.com/avatar/69fae9a8a3933fa91e81c086b8eee14a?s=24&d=identicon&r=g”,”48″:”https://secure.gravatar.com/avatar/69fae9a8a3933fa91e81c086b8eee14a?s=48&d=identicon&r=g”,”96″:”https://secure.gravatar.com/avatar/69fae9a8a3933fa91e81c086b8eee14a?s=96&d=identicon&r=g”,”links”:”homepage”:”http://techcrunch.com/author/tcdevin”,”twitter”:”http://twitter.com/techcrunch”,”linkedin”:”http://www.linkedin.com/company/techcrunch”,”crunchbase”:”https://www.crunchbase.com/person/devin-coldewey”,”position”:”Writer & Photographer”,”cbDescription”:”

Devin Coldewey is a Seattle-based writer and photographer. He first wrote for TechCrunch in 2007. He has also written for MSNBC.com, NBC News, DPReview, The Economist/GE’s Look Ahead, and others.nn

His personal website is coldewey.cc.”,”cbAvatar”:”https://crunchbase-production-res.cloudinary.com/image/upload/v1458774381/r4iwkrm6qsw3n2ximghe.jpg”,”twitter”:”techcrunch”,”_links”:”self”:[“href”:”https://techcrunch.com/wp-json/tc/v1/users/12084691″],”collection”:[“href”:”https://techcrunch.com/wp-json/tc/v1/users”]],”author”:[“id”:12084691,”name”:”Devin Coldewey”,”url”:”https://coldewey.cc”,”description”:””,”link”:”https://techcrunch.com/author/devin-coldewey/”,”slug”:”devin-coldewey”,”avatar_urls”:”24″:”https://secure.gravatar.com/avatar/69fae9a8a3933fa91e81c086b8eee14a?s=24&d=identicon&r=g”,”48″:”https://secure.gravatar.com/avatar/69fae9a8a3933fa91e81c086b8eee14a?s=48&d=identicon&r=g”,”96″:”https://secure.gravatar.com/avatar/69fae9a8a3933fa91e81c086b8eee14a?s=96&d=identicon&r=g”,”links”:”homepage”:”http://techcrunch.com/author/tcdevin”,”twitter”:”http://twitter.com/techcrunch”,”linkedin”:”http://www.linkedin.com/company/techcrunch”,”crunchbase”:”https://www.crunchbase.com/person/devin-coldewey”,”position”:”Writer & Photographer”,”cbDescription”:”

Devin Coldewey is a Seattle-based writer and photographer. He first wrote for TechCrunch in 2007. He has also written for MSNBC.com, NBC News, DPReview, The Economist/GE’s Look Ahead, and others.nn

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As investing whirlwind Chamath Palihapitiya continues to make headlines with his full-court press to take private tech companies public via SPACs while markets are hot, one of his targets has disclosed financial information that helps us better understand the transaction it is undertaking.n

Palihapitiya’s Social Capital Hedosophia Holdings Corp. II (a public, blank-check company, or SPAC) is combining with Opendoor, a San Francisco-based tech startup that facilitates real estate transactions. Opendoor often buys homes from sellers, later selling them itself. Given the complexity present in the residential real estate market and its scale, the company is an interesting play.n

TechCrunch covered the Opendoor-SPAC tie-up in mid-September, when it was announced. Yesterday we got a fuller look into Opendoor’s financial results. So, this morning, let’s peek at the numbers to see if we can spy what Palihapitiya talked about in his investment thesis concerning the company’s future prospects.n

The resultsn

Opendoor’s 2020 results are not stellar. But that fact is not a surprise. The company went through a round of layoffs in April, impacting around 35% of its staff at the time.n

However, even then, TechCrunch reported that “home sales havenu2019t fallen as far or as fast as one might imagine.” Indeed, in many markets the real estate market has proved surprisingly durable during the COVID lockdowns as some leave major cities for smaller municipalities.n

Opendoor says plainly in its SEC filing concerning its combination with the SPAC that COVID has “adversely affected our business.” Its results, then, are framed by a changing market and a pandemic, even if areas of residential real estate have held up better than we might have anticipated.n

Here are Opendoor’s raw numbers, for your perusal:n

""n

You have to read right-to-left to follow the flow of time correctly.



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