Affordable real estate brokerage, Redfin, has announced that their earnings lifted the shares in second quarter in after-hours trading.
Revenue for the quarter was $197.8 million, up 39% from a year ago, while the company reported a net loss of $12.6 million, compared with income of $3.2 million in the second quarter of 2018. Net loss per share was $0.14. All measures were better than analyst estimates.
“The second quarter is a turning point for our company,” CEO Glenn Kelman said in a statement, pointing to expansion of the company’s mortgage business and “instant-offers,” Redfin’s on-demand home-buying service. “The years of work we’ve invested in each of these businesses are now positioning us to be the first to deliver a complete solution at a national scale for people moving from one home to the next.”
Since 2006, the Seattle-based company has expanded to 90 markets, selling more than 170,000 homes worth upwards of $85 billion with a promise of lower transaction costs. Redfin pegs its market share at 0.94%.
But progress on its loftier goal—to make the whole residential real estate process more consumer friendly through tech—has been slow. Most U.S. housing is bought and sold the same way it has been for decades
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