Revenue Performance - Fourth quarter revenue was $244.3 million, a 12% increase compared to Q4 2023[2] - Full year revenue reached $1,043.0 million, reflecting a 7% year-over-year growth[4] - Revenue for Q4 2024 was $244.3 million, a 12.0% increase from $218.1 million in Q4 2023[18] - Gross profit for the year ended December 31, 2024, reached $364.2 million, up 10.4% from $329.8 million in 2023[18] - Revenue from real estate services reached $148,982 thousand for the three months ended December 31, 2024, compared to $244,282 thousand in total revenue[23] - Total revenue for the three months ended December 31, 2023, was $218.1 million, with real estate services contributing $132.9 million, rentals $49.2 million, and mortgage services $26.3 million[26] - Total revenue for the year ended December 31, 2023, was $976.7 million, with real estate services contributing $618.6 million, rentals $184.8 million, and mortgage $134.1 million[34] Profitability and Losses - Total net loss for 2024 was $164.8 million, compared to a net loss of $130.0 million in 2023[5] - Adjusted EBITDA loss improved to $26.5 million in 2024, from a loss of $76.4 million in 2023[5] - Net loss from continuing operations for the year was $164.8 million, compared to a loss of $126.4 million in 2023, representing a 30.4% increase in losses[18] - The company reported a net loss per share attributable to common stock of $1.36 for the year, compared to $1.13 in 2023[18] - The company reported a net loss from continuing operations of $(36,365) thousand for the three months ended December 31, 2024, compared to a net loss of $(15,544) thousand in the previous quarter[23] - The net loss from continuing operations for the three months ended December 31, 2023, was $22.9 million, compared to a net loss of $21.4 million in the previous quarter[26] - Adjusted EBITDA for the year was $(76.4) million, indicating ongoing challenges in profitability[35] Operating Expenses - Total operating expenses decreased to $519.5 million in 2024, down 5.2% from $547.9 million in 2023[18] - Total operating expenses amounted to $117.4 million, with technology and development expenses at $44.1 million and general and administrative expenses at $52.2 million[26] - Total operating expenses amounted to $547.9 million, with technology and development expenses at $183.3 million and marketing expenses at $117.9 million[34] Cash Flow and Financial Position - Cash, cash equivalents, and restricted cash at the end of the period were $125.0 million, down from $151.0 million at the beginning of the period[20] - The company reported a net cash used in operating activities of $32.3 million for the year, compared to a net cash provided of $56.8 million in 2023[20] - The company incurred interest expense of $27.8 million for the year, significantly higher than $9.5 million in 2023[18] - Interest income for the year included $11.2 million related to originated mortgage loans, while interest expense was $21.5 million[36] Market and Operational Metrics - Redfin's agents helped approximately 61,000 customers buy or sell homes in 2024, achieving a market share of 0.76% of U.S. existing home sales[11] - The mortgage attach rate (excluding cash transactions) increased to 27% in 2024, up from 24% in 2023[11] - Monthly average visitors decreased to 42,680 thousand in December 2024 from 51,619 thousand in June 2024, representing a decline of approximately 17.2%[22] - Total real estate services transactions for the three months ended December 31, 2024, were 14,363, down from 17,573 in June 2024, a decrease of about 18.5%[22] - Mortgage originations by dollars totaled $1,035 million in December 2024, down from $1,338 million in June 2024, a decrease of approximately 22.7%[22] - The U.S. market share by units was reported at 0.72% for December 2024, a slight decrease from 0.77% in June 2024[22] - Revenue from the top-10 Redfin markets accounted for 56% of total real estate services revenue in December 2024, consistent with previous quarters[22] - The average number of lead agents increased to 1,927 in December 2024, up from 1,719 in June 2024, indicating a growth of approximately 12.1%[22] Future Guidance and Strategy - The company expects total revenue for Q1 2025 to be between $214 million and $225 million, representing a year-over-year change between (5)% and 0%[12] - Redfin anticipates a total net loss for Q1 2025 between $94 million and $83 million, including $40 million in marketing expenses[12] - The company plans to increase advertising by 38% while still aiming for a full-year adjusted EBITDA profit[6] - Future guidance for the first quarter of 2025 projects a net loss between $94 million and $83 million, with adjusted EBITDA expected to range from $(39) million to $(32) million[40] - The company is focusing on market expansion and new technology development to improve future performance[34] - There were no significant acquisitions reported during the year, but the company continues to evaluate potential opportunities for growth[37]

Core Viewpoint - Analysts forecast a quarterly loss of $0.24 per share for Redfin, indicating a year-over-year decline of 20%, while revenues are expected to reach $241.47 million, reflecting a 10.7% increase compared to the previous year [1]. Revenue Estimates - The consensus estimate for 'Revenue - Real estate services' is $147.32 million, showing a year-over-year change of +10.9% [4]. - 'Revenue - Rentals' is projected to be $51.15 million, with a year-over-year change of +4% [5]. - 'Revenue - Other' is estimated at $14.17 million, indicating a significant year-over-year change of +45.4% [5]. - 'Revenue - Mortgage' is expected to be $29.82 million, reflecting a year-over-year increase of +13.5% [5]. Transaction and Agent Metrics - 'Real estate services transactions - Total' are expected to reach 13.76 million, up from 13.34 million in the same quarter last year [6]. - The 'Average number of lead agents' is projected to be 1,742, compared to 1,692 in the same quarter last year [6]. - 'Real estate services transactions - Partner' are forecasted to be 2.92 million, down from 3.19 million year-over-year [7]. Revenue per Transaction - 'Real estate services revenue per transaction - Aggregate' is expected to be $10.66 million, compared to $9.96 million in the same quarter last year [7]. - 'Real estate services revenue per transaction - Partner' is projected at $3.03 million, up from $2.68 million year-over-year [8]. - 'Real estate services revenue per transaction - Brokerage' is estimated to be $12.8 million, compared to $12.25 million in the same quarter last year [9]. Visitor Metrics - Analysts predict 'Monthly average visitors' will reach 43.87 million, slightly up from 43.86 million year-over-year [8]. Market Performance - Redfin shares have experienced a change of -1.2% in the past month, compared to a -0.5% move of the Zacks S&P 500 composite [9]. - With a Zacks Rank 2 (Buy), Redfin is expected to outperform the overall market in the near future [10].

Company Overview - Redfin (RDFN) is expected to report a quarterly loss of $0.24 per share, reflecting a year-over-year decline of 20% [3] - Revenues are anticipated to reach $241.47 million, which is a 10.7% increase from the same quarter last year [3] Earnings Expectations - Wall Street anticipates a year-over-year decline in earnings despite higher revenues, with the earnings report due on February 27 [1][2] - The consensus EPS estimate has been revised 0.5% lower in the last 30 days, indicating a reassessment by analysts [4] Earnings Surprise Prediction - The Most Accurate Estimate for Redfin matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [10] - Redfin holds a Zacks Rank of 2 (Buy), but this combination makes it challenging to predict an earnings beat conclusively [11] Historical Performance - In the last reported quarter, Redfin was expected to post a loss of $0.20 per share but actually reported a loss of $0.28, resulting in a surprise of -40% [12] - Over the past four quarters, Redfin has beaten consensus EPS estimates three times [13] Industry Comparison - Bridge Investment Group Holdings Inc. (BRDG), another player in the real estate operations sector, is expected to report earnings of $0.16 per share, indicating a year-over-year increase of 14.3% [17] - BRDG's revenues are projected to be $81.32 million, up 15.3% from the previous year [17] - The consensus EPS estimate for BRDG has been revised 2.8% higher in the last 30 days, but it currently has an Earnings ESP of -2.04% and a Zacks Rank of 4 (Sell) [18]

Agreement adds the Redfin sites to the Zillow Rentals Network, enhancing the rental search experience for renters while helping property marketers reach a broader audienceSEATTLE, Feb. 11, 2025 /PRNewswire/ -- Zillow® and Redfin today announced a partnership making Zillow the exclusive provider of multifamily rental listings (properties with 25 or more units) on Redfin and its sites, Rent.com and ApartmentGuide.com. This partnership is expected to give renters access to a larger pool of available apartments ...

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Core Insights - The real estate technology company Redfin has reported weak third-quarter earnings, primarily attributed to the challenging real estate market rather than any internal issues [1] Company Performance - Redfin's recent earnings report indicates that the company's performance is suffering due to external market conditions [1] - A specific number in the earnings report raises concerns, suggesting potential underlying issues that may need to be addressed [1]

Core Viewpoint - Redfin Corp (NASDAQ:RDFN) has experienced a significant decline of over 22% since the beginning of November, primarily due to a downgrade from Goldman Sachs and ongoing challenges in the real estate market [1][2]. Group 1: Stock Performance - RDFN is currently down 4.7% at $7.98 following a downgrade to "sell" from "neutral" by Goldman Sachs, citing issues such as home affordability and industry competition [1]. - The stock is on track for its fifth consecutive drop, with a total decline of 22.8% since the start of November, falling below its year-to-date breakeven level [2]. - The $8 price level, which previously acted as a ceiling from May to July, may now serve as a support level for the stock [2]. Group 2: Market Sentiment and Options Trading - Despite a 36% quarterly loss, options traders are showing interest in calls, with 23,188 calls purchased compared to 4,953 puts in the past two weeks on major exchanges [3]. - The Schaeffer's Volatility Index (SVI) for Redfin stock is at 81%, indicating low volatility expectations among options traders, ranking in the low 17th percentile of its annual range [4].

Core Insights - Redfin missed profit and sales estimates, leading to a decline in its U.S. market share [1] - The company reduced its full-year adjusted EBITDA guidance significantly [1] Financial Performance - Redfin reported a third-quarter loss of $33.8 million, or $0.28 per share, compared to a loss of $19 million, or $0.17 per share a year ago [1] - Revenue increased by 3.4% to $278 million, but this was below expectations [1] - Adjusted EBITDA fell to $3.9 million from $7.7 million in 2023, a reduction of nearly 50% [1] Market Share and Sales - Redfin's market share of U.S. existing home sales by units decreased to 0.76% from 0.78% a year ago [1] - CEO Glenn Kelman indicated that August and September sales were $7 million below expectations [1] Guidance and Costs - The company revised its full-year adjusted EBITDA loss forecast to between $15 million and $22 million, down from a previous expectation of breakeven [1] - Redfin incurred unexpected costs of $2 million related to changes in agent compensation and an additional $1 million for integrating its rental property program [1]

Redfin Corporation (NASDAQ:RDFN) Q3 2024 Earnings Conference Call November 7, 2024 4:30 PM ET Company Participants Meg Nunnally - Head, IR Glenn Kelman - CEO Chris Nielsen - CFO Conference Call Participants Ygal Arounian - Citi Curtis Nagle - Bank of America John Campbell - Stephens Jay McCanless - Wedbush Operator Good day, ladies and gentlemen and welcome to the Redfin Corporation Quarter Three 2024 Earnings Conference Call. All lines have been placed on a listen-only mode and the floor will be open for q ...

For the quarter ended September 2024, Redfin (RDFN) reported revenue of $278.02 million, up 3.4% over the same period last year. EPS came in at -$0.28, compared to -$0.17 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $280.21 million, representing a surprise of -0.78%. The company delivered an EPS surprise of -40.00%, with the consensus EPS estimate being -$0.20.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and h ...