Opendoor Technologies Inc. stock research
FY2023 Q1
Opendoor Technologies (OPEN) Gross Margin — Quarter Ended Mar 31, 2023
Revenue increased from the prior quarter, while gross profit rose more substantially, resulting in an improved gross margin. Compared with the same quarter last year, revenue and gross profit were lower, and gross margin weakened.
Gross margin takeaway
Quarter ended Mar 31, 2023 · FY2023 Q1
Revenue increased from the prior quarter, while gross profit rose more substantially, resulting in an improved gross margin. Compared with the same quarter last year, revenue and gross profit were lower, and gross margin weakened.
- The primary driver of the sequential margin improvement was a larger relative increase in gross profit compared to revenue.
- Sequentially, gross margin improved from the prior quarter. Year over year, gross margin declined from the same quarter one year earlier.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
5.4%
Gross profit
$170.0M
Revenue
$3.1B
Cost of revenue
$3.0B
Quarter-over-quarter change
n/a
Year-over-year change
-4.9 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2023 | $3.1B | $170.0M | $3.0B | 5.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Previous quarter unavailable
n/a
Year-over-year change
Mar 31, 2022
-4.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The primary driver of the sequential margin improvement was a larger relative increase in gross profit compared to revenue.
Sequentially, gross margin improved from the prior quarter. Year over year, gross margin declined from the same quarter one year earlier.
Monitor the relationship between cost of revenue and revenue, as gross margin remains relatively low.