Opendoor sees major revenue, profit spikes after successful second quarter

Home-flipping digital real estate service Opendoor posted significant gains for its second quarter this week, reporting high double-digit jumps in revenue and gross profit after what it said was a “seismic shift in consumer demand.”

In its quarterly report to investors, Opendoor listed a 59 percent jump in revenue relative to the last quarter, along with a 64 percent jump in gross profits and a sharp decline in net income losses.

The company also posted a massive jump in the number of homes it purchased this quarter, up 136 percent from earlier in the year.

Those favorable numbers “were driven by strong execution against our three key priorities of existing market growth, new market expansion, and building a digital, end-to-end experience for our customers,” the company said in its report.

Opendoor also said it had witnessed “an increase in organic awareness” of its brand, “with direct traffic up 103% since the beginning of this year.”