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pendoor has announced significant layoffs, cutting 300 employees or about 17% of its workforce. This is the third major round of layoffs in three years, with over 1,000 employees affected previously. The company expects to save around $50 million annually from these cuts, but will incur a one-time expense of $17 million in the fourth quarter.

    CEO Carrie Wheeler stated that the move aims to reduce costs and flatten the organization's structure to enable faster and more efficient operations. Opendoor reported a quarterly loss of $78 million, which is smaller than previous quarters. However, the company's business model is being impacted by homes remaining on the market for extended periods, with nearly 25% of its portfolio over 120 days old.

    The company sold around 3,600 homes in the third quarter, up from the prior period but down from the second quarter. Profit per home sale has decreased to approximately $14,000 each. Opendoor's shares have declined by 57% year-to-date and 83% all-time, with a current opening price of $1.83.