Redfin shares were down more than 2% in after-hours trading after the company reported its fourth quarter earnings.
- Revenue was down 2% year-over-year to $218.1 million, while net loss of $22.9 million was down from $61.9 million in the year-ago period. Redfin missed slightly on revenue expectations and beat earnings estimates.
- For the full year, Redfin’s revenue was down in 2023 by 11% to $976.7 million, while net losses shrunk to $130 million from $321.1 million.
- The housing market appeared to bounce back late last year but high mortgage rates continue to keep buyers on the sidelines.
- “In a dreadful housing market, Redfin got more efficient in the fourth quarter, again improving gross margins and operating margins, even as we laid the foundation for meaningful long-term growth,” Redfin CEO Glenn Kelman said in a statement.
Related: Redfin targeted in new commissions suit blasting buyer agents via RealEstateNews.com.
