Opendoor's stock is already taking a tumble in the wake of Wu's announcement. Shares were trading at $2.32, down 4.7% from $2.44 when it closed Tuesday. Track the stockBrown said all the employees were called in for a mandatory conference call at 9 a.m. on Nov. 12, where they were told the market and a bad quarter were causing more layoffs.
"We had to wait to get an email an hour later," she said."It either said we were eliminated or we stayed. Unfortunately, mine was eliminated." Brown said she been working remotely from home since the Covid-19 pandemic started and so had most employees."I've seen worse," she said."I've been in real estate for 10 years now.", Opendoor's revenue was soaring.
In a filing with the U.S. Securities and Exchange Commission, Opendoor reported a net loss of $54 million on revenue of $4.2 billion during the three months ended June 30. Those losses were not as severe as the same quarter a year earlier when the company reported $144 million in losses on $1.2 billion in revenue.
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