After going public last year through a SPAC merger in December, iBuying company Opendoor has dropped its first earnings results as a public company, reporting its financial results for the fourth quarter of 2020 as well as the full year. Opendoor reported $2.6 billion in revenue in 2020, compared to $4.7 billion in 2019 and implying a 45% annual revenue drop. The revenue drop is though expected as Opendoor's business was significantly affected by a wide pause in the US home buying market in the early months of the Covid-19 pandemic last year. Opendoor's revenue dropped sharply in the fourth quarter of 2020, as it reported $249 million in revenue compared to $1.3 billion in Q4 2019. An 80% drop in quarterly revenue over the past year is definitely something to point out. Opendoor isn't profitable, reporting a net loss of $287 million in 2020, slightly down from $339 million in 2019. In Q4 2020, the company's net loss was roughly $88 million. Opendoor sold a total of 9,91
A very big new acquisition has happened in the tech industry, with Okta (NASDAQ: OKTA), the publicly-traded cloud identity and access management software provider, announcing an agreement to buy Auth0, a fellow cloud identity software provider, for a price of $6.5 billion to be paid all with shares. A $6.5 billion exit for Auth0 marks a major win for the startup scene in Seattle, the tech hub where Auth0 is based and also a major win for the company's backers and investors. Auth0 last raised venture funding last year in July with a $120 million Series F round that valued the company at $1.9 billion. Now, it's about to sell for more than triple that amount. Auth0 has raised more than $330 million in total venture funding, with investors including the likes of Salesforce Ventures, Bessemer Venture Partners, Telstra Ventures, Sapphire Ventures, and DTCP. Salesforce Ventures led Auth0's most recent $120 million Series F round. With its acquisition of a fellow cloud identity a