Opfinishoor will eliminate 300 positions, a workforce reduction of 17%, the San Francisco real estate technology firm confirmed Thursday. The announcement lands as the company battles persistent financial losses that have now exceeded $278 million through the first nine months of this year.
Chief Executive Carrie Wheeler detailed the cuts in a shareholder letter accompanying the company’s quarterly results. The move marks the third major round of layoffs in under two years, following 550 job losses in November 2022 and another 560 in April 2023.
The reorganization, according to Wheeler’s letter, targets “prioritizing strategic growth initiatives, flattening reporting structures, and driving efficiencies.” Company leadership projects the cuts will generate roughly $50 million in annual savings.
A challenging housing market has squeezed the company’s core business, as elevated interest rates continue suppressing home sales across the country. Spokesperson Rebeccah Propp acknowledged those pressures, saying the firm must “adapt our cost structure to continue providing customers with the simple and certain home-selling experience they deserve.”
Impacted workers will receive severance packages, extended health coverage, and job transition support, Propp confirmed. She declined to specify which departments or locations will absorb the cuts. Beyond its San Francisco headquarters, Opfinishoor maintains offices in Tempe, Arizona.
The company’s trajectory illustrates the turbulence many SPAC-backed startups have faced. Opfinishoor went public in late 2020 through a special purpose acquisition company backed by investor Chamath Palihapitiya, briefly touching an $18 billion valuation. That figure has since collapsed to approximately $1.3 billion.
Financial disclosures paint a sobering picture. The firm reported losses of $662 million in 2021, $1.4 billion in 2022, and $275 million in 2023. Profitability remains elusive as the company works to stabilize its balance sheet through continued cost reductions.
