Redfin Corp is a technology-driven real estate brokerage that aims to revolutionize the way people buy and sell homes
By leveraging sophisticated online tools and a user-friendly platform, Redfin provides comprehensive real estate services that include property listings, home searches, and market insights. The company employs a team of real estate agents who utilize data analytics to streamline the home buying and selling process, helping clients to make informed decisions. Additionally, Redfin offers unique features such as virtual tours and innovative pricing strategies to enhance the customer experience in an increasingly digital market.
Rocket Companies said it will benefit from Redfin's nearly 50 million monthly visitors, one million active purchase and rental listings, and staff of over 2,200 real estate agents across 42 states.
The US market is yet to commence its session on Monday, but let's get a preview of the pre-market session and explore the top gainers and losers driving the early market movements.
Shares of real estate technology company Redfin (NASDAQRDFN)
fell 16% in the afternoon session after the company reported weak fourth quarter results as its EPS and EBITDA missed. Its revenue and EBITDA guidance for next quarter also fell short of Wall Street's estimates. Overall, this was a weaker quarter.
For the first quarter, the company projected revenue between $214 million and $225 million, while analysts, on average, expect it to post $243.7 million in revenue.
Real estate technology company Redfin (NASDAQRDFN) beat Wall Street’s revenue expectations in Q4 CY2024, with sales up 12% year on year to $244.3 million. On the other hand, next quarter’s revenue guidance of $219.5 million was less impressive, coming in 10.4% below analysts’ estimates. Its GAAP loss of $0.29 per share was 21% below analysts’ consensus estimates.
Homebuyers received some good news this week: Mortgage rates declined for a fifth week to their lowest level since last year and the median U.S. home-sale price rose by the smallest increase since last September.
As the Q3 earnings season wraps, let’s dig into this quarter’s best and worst performers in the real estate services industry, including The Real Brokerage (NASDAQREAX) and its peers.
What a fantastic six months it’s been for Redfin. Shares of the company have skyrocketed 40.8%, hitting $8.35. This run-up might have investors contemplating their next move.
