Opendoor Technologies on Tuesday said it was cutting roughly 560 jobs, or 22% of the workforce at the online U.S. real estate firm, citing a declining housing market.
The announcement followed a previous round of layoffs in November when the San Francisco company cut 550 jobs, or about 18% of its workforce at the time.
“We’re taking these actions now to better align our operational costs with the anticipated near-term market opportunity,” the company said in an email confirming the layoffs. Opendoor said new listings have fallen by around 30% from their peak in 2022 due in part to higher mortgage interest rates.
Shares of Opendoor, which as of Monday were up nearly 60% this year, fell more than 5% to $1.66 in mid-afternoon trading.
Most of the job cuts announced on Tuesday were in the company’s operations unit.