- Revenue for the online brokerage Redfin jumped +88% during the final quarter of 2019
- Analysts had predicted revenue expectations of +75%
- “Numbers were better than we projected…” said Redfin founder and CEO Glenn Kelman
Redfin’s earnings for Q4 2019, recently made public, were beyond expectations.
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- Revenue from Redfin’s core real estate services of “brokering home sales” were up +31% y/y
- Q4 2019 was the fourth consecutive quarter in which Redfin’s revenue in the house selling segment of its business increased.
- Revenue overall jumped +88% during Q4 2019.
- And Redfin’s Q4 2019 revenue hit $233M with a gross profit of $40M
- The net loss per share of the company was down to $0.08 compared to $0.14 in Q4 2018.
Wall Street’s response to Redfin’s blow-away Q4 2019 was immediate…the company’s stock spike from $25.77 to $27/share in overnight trading.
Overall, Redfin’s revenue for the year of 2019 totaled $780M, a jump of +60% for the year.
Glenn Kelman, Redfin’s founder and CEO, expects Q1 2020 to be a continuation of 2019. His revenue generation sights are in the ballpark of $179M – $188M, a jump of 63%-71%. He said, “Redfin’s multi-year investments in a broader solution for our customers (mortgage, title, renovations and instant offers) are really starting to pay off, but what’s most important is that we’ve been able to grow while maintaining our commitment for efficiency, so customers get low prices and Redfin can generate more gross profit.”
Kelman continued in his comments to InmanNews. “Our goal is to be the first national brokerage provider of a complete real estate solution. Our diverse products make (the company) positioned well to thrive in changing markets and we envision it growing to a much larger company.”
Thanks to InmanNews’ Jim Dalrymple III for source data.