Breaking- Though demand for housing is at a yearly high, Redfin’s share price has dropped 14%.
The loss per share was recorded at $0.37 when the expected loss was just $0.33 per share, according to data reported by Investing.com. Sales have overcome what was originally forecast, as well.
Commenting, CEO Glenn Kelman, said:
"After scrambling in the second half of 2020 to hire enough agents and lenders to handle a pandemic-driven surge in demand, Redfin is just about hitting on all cylinders.
From the fourth quarter of 2020 to the first quarter of 2021, our year-over-year market-share gains more than doubled, and our year-over-year gross-margin gains also accelerated. We tripled the rate at which we're scheduling home tours instantly and automatically, giving our customers a competitive advantage when homes are selling faster than ever."
The company predicts an increase in revenue to hit an impressive 109% to 114% compared to the same period last year, when the market was unstabilized by the pandemic. Net loss is expected to hit somewhere between $38 million and $32 million, compared to the net loss in 2020, which was $7 million in the second quarter.
Another company seeing increased revenue hitting over 100% is MercadoLibre, showing that online companies, offering services that can be safely accomplished from the home and on the go, are continuing to benefit from stay-at-home orders.