Redfin Posts Third Quarter Earnings

Redfin on Thursday announced financial results for the third quarter, with revenues down slightly but profit up significantly from last year.

Third-quarter revenue dropped 1 percent year over year to $237 million, while gross profits was $93 million – an increase of 74 percent from the third quarter of 2019. Net income per share attributable to common stock was $0.30, up from $0.07 last year.

Redfin also reported that gross profits on real estate services were $92 million, an increase of 70 percent from $54 million in the third quarter of 2019.

“Redfin’s increasing share of North America’s online real estate audience, coupled with a strong housing market, has generated demand faster than we can recruit agents, lenders and partners,” said Redfin CEO Glenn Kelman. “Our market share gains have resumed and seem to be accelerating. Our mortgage business generated its first quarterly gross profits.”

Redfin announced it expects total revenue of $226 million to $233 million in the fourth quarter.