Airbnb’s total third-quarter revenue grew by 18 percent compared to a year ago, to $3.4 billion, showing that the leading short-term rental platform is still riding a wave of strong travel demand.
That’s more than double what it earned in 2019 before the pandemic began and was in line with the company’s expected performance, despite losing tens of thousands of listings in New York City during the quarter.
The San Francisco-based tech provider reported a $41.8 million Q3 net loss Tuesday, as revenue was down 27 percent from a year ago, to $40.59 million. That’s an improvement from the $132.7 million net loss the company posted in the same quarter a year ago but about the same as the company’s $41.5 million Q2 loss.
Blend has racked up $1.31 billion in cumulative losses since 2012, including $720.2 million in 2022 losses and $149.5 million in losses during the first nine months of 2023.
In total, the brokerage earned $1.34 billion in revenue between July and September of this year, according to a newly published report. That’s down 10 percent compared to the third quarter of 2022.
Despite the dip in revenue, however, Compass did see a number of other metrics move in a positive direction. Perhaps most notably, the company reported a Q3 net loss of $39 million, which represents a significant improvement over the $154 million loss the company experienced in the third quarter of last year.
Douglas Elliman reported slipping revenues and growing losses in the third quarter of 2023 as the brokerage continued to contend with negative market forces affecting the real estate market at large.
The New York-based brokerage reported consolidated revenues of $251.5 million during the third quarter, a drop from the third quarter of 2022 when they logged $272.6 million in revenue, according to an earnings report released Wednesday.
The firm reported a net loss of $4.9 million, up from a net loss of $4 million logged at the same point last year. Year to date, the company reported consolidated revenues of $741.4 million, compared to $945.8 million in the prior year period.
EXp World Holdings‘ sails remained strong in the face of worsening market headwinds, with the cloud-based brokerage’s revenue declining 2 percent year over year to $1.2 billion, according to a quarterly earnings call Thursday.
Despite the decline in revenue, the holding company maintained profitability with a net income of $1.3 million — a 70 percent change from Q3 2022 when the company’s net income clocked in at $4.4 million.
More layoffs are in store at loanDepot, but not at the same scale as a year ago, as company executives warned that they expect next year to be just as tough as 2023 for mortgage lenders.
The Irvine, California-based mortgage lender announced Tuesday that it managed to trim its net loss for a third consecutive quarter and keep plenty of cash on hand despite a slight drop in mortgage originations and revenue from Q2 to Q3. LoanDepot reduced its Q3 net loss by 31 percent from the previous quarter to $34 million, even as revenue contracted by 2 percent from Q2 to $266 million.
Offerpad continued its path to recovery in the third quarter, with the Arizona-based iBuyer earning $234.2 million in revenue and slimming net losses to $20 million “despite a continued difficult macro environment” that tanked several major competitors, including Zillow Offers, RedfinNow and Anywhere’s RealSure.
Offerpad’s performance was on the downslope compared to Q3 2022 when the company was still in the midst of a buying and selling boom. The company’s revenue declined 71 percent year over year from $821.7 million, while the Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) declined 79 percent to $64.3 million.
Falling revenue and an “uncertain U.S. housing market” took a toll on Opendoor in the third quarter of the year, driving revenue down and pushing profitability out of reach.
In total, the iBuyer brought in $980 million in revenue between July and September, according to a newly published earnings report. That’s down 71 percent compared to the same period in 2022. The company also lost $106 million in Q3. That’s an improvement over the third quarter of last year, when Opendoor lost nearly $1 billion — though a big part of that loss had to do with adjustments to the value of homes in the company’s inventory at the time.
The Seattle-based company announced overall profits of $98.3 million, up 8 percent from the third quarter of 2022, while tallying $269 million in revenue, a decrease of 12 percent from a year ago, falling short of Wall Street expectations.
Profits for real estate services clocked in at $54.1 million, a decrease of 2 percent year over year according to the data, with gross margins improved by four points to 30 percent in the quarter. Net losses, meanwhile, fell to $19 million in the quarter, compared to a loss of $90.2 million in the third quarter of 2022.
Total revenue was down 8.7 percent year over year to $81.2 million, coming just shy of analysts’ expectations. Revenue, excluding marketing funds (the branch of RE/MAX that holds advertising funds collected from RE/MAX affiliates), also declined by 8.8 percent on an annual basis to $60.4 million.
Meanwhile, the company also suffered a net loss of $59.5 million compared to its net income of about $100,000 during the same period one year before. Adjusted EBITDA declined by 15 percent year over year to $16.7 million, and adjusted earnings per diluted share were $0.40 per share.
RE/MAX also took a 3.9 percent hit to its combined U.S. and Canadian agent count to a total of 81,782 agents. Total global agent count saw a modest increase of 0.7 percent to 145,309 agents.
Rocket reported third-quarter net income was up 20 percent from a year ago, to $115 million, with a 9 percent reduction in expenses helping offset a 7 percent drop in revenue, which totaled $1.203 billion.
At $22.19 billion, Q3 closed mortgage origination volume was down 13 percent from a year ago. During the first nine months of the year, Rocket originated $61.45 billion in mortgages, down 46 percent from the $114.1 billion in mortgage production at the same point a year ago.
Expedia Group, the parent company of the short-term rentals platform Vrbo, tallied record revenue and profits during the third quarter of 2023, despite some challenges to Vrbo’s model.
The travel booking company recorded revenue of $3.9 billion, a 9 percent increase from the third quarter of 2022, along with $425 million in profits.
In total, the portal giant brought in $496 million in revenue between July and September, according to a newly published Q3 earnings report. That’s up 3 percent compared to the third quarter of 2022 — a time when, notably, rising rates had already taken the wind out of the housing market’s sails.
The report also reveals that the company suffered a net loss of $28 million. That too is an improvement over the third quarter of 2022, when Zillow lost $53 million, and over the prior quarter in 2023, when losses added up to $35 million.
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