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July 30, 2020, 4:40 p.m. EDT

Redfin stock slips on outlook following earnings beat

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By Wallace Witkowski


Redfin Corp. /zigman2/quotes/203726414/composite RDFN +2.70% shares handed back Thursday gains in the extended session as the online real-estate broker's quarterly results came in better than expected but offered an outlook range that book-ended the Wall Street consensus. Redfin shares declined 3.5% after hours, following a 3.6% gain in the regular session to close at $42.97. Redfin said it expects revenue of $214 million and $225 million for the third quarter, while analysts surveyed by FactSet had forecast on revenue of $221.4 million. The company reported second-quarter net income of $7.9 million, or 8 cents a share, compared with $12.6 million, or 14 cents a share, in the year-ago period. Revenue rose to $213.6 million from $197.8 million in the year-ago quarter. Analysts had forecast a loss of 23 cents a share on revenue of $189.1 million. "Over the past two months, Redfin's online visits and customer inquiries have been growing at a faster rate than at any point in the last three years," said Glenn Kelman, Redfin chief executive, in a statement. "We're inside a tornado, hiring agents, lenders and closing specialists at breakneck speed to keep up with demand, but also mindful that the bottom of the economy could fall out a second time."

US : U.S.: Nasdaq
$ 46.43
+1.22 +2.70%
Volume: 1.13M
Sept. 24, 2020 4:00p
P/E Ratio
Dividend Yield
Market Cap
$4.50 billion
Rev. per Employee

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