Redfin revenue soars, but profits are elusive
Tech brokerage lost $15M in 2017
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