CEO Carrie Wheeler announced the cuts, which total 17% of Opendoor's staff, in a letter to shareholders attached to the company's quarterly earnings report.
Wheeler noted that the layoffs are "part of a reorganization aimed at prioritizing strategic growth initiatives, flattening reporting structures, and driving efficiencies," expecting $50 million in annual savings.
Opendoor spokesperson Rebeccah Propp stated, "As we navigate significant market headwinds, we must adapt our cost structure to continue providing customers with the simple and certain home-selling experience they deserve."
The firm lost $278 million from January through September, despite the layoffs continuing a trend that included cutting 550 jobs in November 2022 and 560 in April 2023.
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