Redfin met expectations for its third quarter earnings report with $269 million in revenue, down 12% year-over-year, and a net loss of $19 million, compared to $90.2 million in the year-ago period.
- The slow housing market continues to impact the company’s brokerage business, which was down 18% to $166 million in revenue. Average monthly visitors was up just 1% to 51.3 million, and Redfin’s market share dropped slightly year-over-year.
- Redfin’s rentals business continues to be a bright spot, with $47 million in revenue, up 23% year-over-year.
- Redfin stock was up slightly in after-hours trading. Shares are down by nearly 25% over the past month.
- “In October, we raised capital, began generating revenues from a new digital business, and launched all-variable agent pay in California,” said Redfin CEO Glenn Kelman. “This downturn has only made us stronger.”
