Redfin revenue soars, but profits are elusive

Tech brokerage lost $15M in 2017

Feb.February 23, 2018 08:30 AM

Glenn Kelman of Redfin.

Redfin narrowed its losses in 2017, but profits remained elusive, the company reported Thursday.

The Seattle-based brokerage lost $15 million for the full year, a 33 percent drop from 2016’s loss of $22.5 million. Its 2017 revenue rose 38 percent year over year to $370 million.

During the fourth quarter, Redfin’s revenue rose 43 percent to $95.8 million with a net loss of $1.8 million.

In a statement, CEO Glenn Kelman called 2017 a year of “break-out traffic growth and new products,” Inman reported. One major strategic shift, Kelman said, was representing both sellers and buyers.

The earnings report was Redfin’s third since it went public in July. The buzzed-about initial public offering pushed Redfin stock up 45 percent on the first day of trading, to $21.70 from $15 per share. Redfin stock closed at $21.30 a share on Thursday. [Inman] — E.B. Solomont

Related Articles

Eric Gordon

Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world

Big Tech locations in NYC

MAP: Here’s a look at all the Big Tech locations in NYC

What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?

From left: 55 East 74th Street, 9 East 82nd Street, 1 Central Park South, 78 Irving Place with Adam Neumann and 111 West 57th Street (Credit: StreetEasy, Wikipedia, Getty Images)

Adam Neumann’s triplex, Russians’ Plaza pad were priciest homes listed last week

3 East 69th Street and 252 East 57th Street 

With asking prices in freefall, luxury market sees strong week

Keller Williams CEO Gary Keller

Keller Williams will cut off agents who leave

Wall Street bonus season is the stuff home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market that vision may be more like a mirage (Credit: iStock)

Here’s what Wall Street bonus season means for real estate this year

Adam Neumann and 78 Irving Place (Credit: Getty Images and StreetEasy)

Adam Neumann is asking $37M for Gramercy Park triplex