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OpenDoor Just Cut 18% of Its Staff: Is the Company in Trouble?

TheMotleyFool

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OpenDoor Just Cut 18% of Its Staff: Is the Company in Trouble?: https://g.foolcdn.com/editorial/images/711287/for-sale-sign-home-buy-sell-property-single-family.jpg

Weakening real estate demand and decelerating home prices have put OpenDoor (NASDAQ: OPEN), the world's largest iBuyer, in a tough position. The company reported discouraging third-quarter financial results, which pushed its stock price down another 20%, putting shares at a total loss of 88% over the past 12 months.

Now, the company has announced it's cutting 18% of its staff to help conserve capital and reduce its losses. Mass layoffs, while disheartening, aren't necessarily a sign the company is doomed, but there are indications of trouble ahead.

Let's take a closer look to find out whether investors should be buying at today's rock-bottom pricing or avoiding this stock completely.

Source Fool.com

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