Redfin brought in $370 million in revenue in 2017, an increase of 38 percent over the prior year, while cutting losses during a period that included the tech-powered real estate brokerage’s IPO.
Redfin increased its gross profit by 35 percent last year, but still posted a net loss of $15 million for 2017. Though that figure is down from 2016, when Redfin reported a $22.5 million net loss.
“Redfin’s 2017 was a year of break-out traffic growth and new products,” Redfin CEO Glenn Kelman said in a statement. “A major strategic shift toward representing sellers as well as buyers expanded our market presence and influence. Most important, we continued to serve our customers better by far than other brokers.”
Redfin stock is down about 5 percent in after-hours trading following the release of its quarterly financials.
For the fourth quarter of 2017, Redfin bested analyst expectations, posting losses of 2 cents per share on $95.8 million in revenue. Analysts surveyed in advance by Yahoo Finance expected losses of 5 cents per share on $91.43 million in revenue for the quarter.
Redfin Now, a service that lets customers sell homes directly to Redfin, accounted for $5.1 million in revenue in the fourth quarter, up from $3.4 million the prior quarter. The experimental program expedites the process in exchange for customers typically netting lower proceeds than they might in typical sales.
