Bay Area tech layoffs: Opendoor cuts 300 jobs amid profitability struggles

Opendoor, the San Francisco startup that redefined how homes are bought and sold online, announced this week that it will lay off 300 employees, or about 17% of its workforce. The cuts, revealed in a letter to shareholders accompanying the company’s latest quarterly earnings report Thursday, are part of a larger restructuring directed at “prioritizing strategic growth initiatives, flattening reporting structures, and driving efficiencies,” according to CEO Carrie Wheeler. This round of layoffs is the latest in a series of workforce reductions for the company, which previously cut 550 jobs...