New York, June 11, 2026, 06:05 (EDT)
- Opendoor is shutting India operations, with about 250 staff hit, as it shifts work closer to its U.S. market and relies more on AI teams.
- OPEN finished Wednesday at $4.48, gaining 3.23%. The stock was last seen at $4.52 pre-market Thursday.
- Opendoor isn’t only in focus because of cuts — it’s about to be added to the Russell 3000 Index after the U.S. close on June 26.
Opendoor Technologies Inc. shares drew attention again Thursday after the company said it will close its India business, with some investors seeing it as a sign of CEO Kaz Nejatian’s push to make costs lighter and use AI more. The stock ended Wednesday at $4.48, up 3.23%. Opendoor was indicated at $4.52 in Thursday’s pre-market.
Opendoor is closing down its India operations and cutting around 250 jobs, according to Business Standard, which cited Nejatian’s post on X. The company is moving more roles to the U.S. and leaning harder into AI. The India exit marks the change from yesterday.
Nejatian called it an operating-model change, not just a standard staff reduction. “Our customers are in America, and the operational work we do for them is best done close to them,” he told Outlook Business. Outlook Business also said some roles from India had already shifted back to the U.S. over the last few months. Outlook Business
OPEN stock trades off a different set of assumptions than slower housing brokers. Bulls count on operating leverage—revenue outpacing fixed costs—as well as a shift to software, taking over tasks that used to need manual work. Nejatian told Business Standard that Opendoor used to rely on a big India team for manual operations spread across many systems. Now, the company plans to have smaller, AI-focused customer teams in the U.S.
Opendoor said it’s making cuts after a mixed first quarter. Revenue dropped to $720 million from $1.153 billion last year, with a net loss of $173 million. Gross margin rose to 10.0%. Homes sitting on the market more than 120 days made up just 10% of inventory, which points to faster sales.
Opendoor is steering investors toward contribution margin, a unit-level profit figure after counting direct home-selling costs. Contribution margin was 4.4% in Q1, with management projecting Q2 contribution margin in the middle of its stated 5%-7% target. For adjusted EBITDA — which strips out interest, taxes, depreciation, and amortization — the company says Q2 should land about breakeven, give or take a few million.
That’s why the market is reacting to Opendoor’s exit from India. Cutting about 250 jobs is not big against the company’s inventory financing needs, but it shows management is looking to cut manual costs in its buy-repair-resell model. In its 10-Q, Opendoor said getting more efficient with AI and seeing the expected benefits from restructuring are among the factors that could affect future results.
Investors are also looking at the shares for another technical reason. Opendoor said in May it would join the Russell 3000 Index after the U.S. close on June 26. Inclusion can be important since index funds and investors tracking benchmarks often move positions around these rebalancing dates.
Housing is still the risk. Opendoor’s filing points out that the U.S. housing market is stuck with high mortgage rates and affordability issues, keeping existing-home sales near a 30-year low. Higher rates cut deal volume, make people hold homes longer, and boost the cost to finance houses Opendoor is holding. That’s the gap in the AI cost-cutting story. Automation lowers some expenses, but it can’t bring buyers and sellers back.
Opendoor is still a capital-heavy business. The company reported $1.1 billion in asset-backed debt at the end of March. It warned that keeping its operations funded will rely on future business results and being able to get inventory loans on good terms.
The question now is if winding down in India will help speed and cut costs, while keeping execution stable for clients. FTSE Russell’s reconstitution update is due June 12, and Opendoor’s addition to the Russell 3000 kicks in after the close on June 26.
