Redfin Blows Away Estimates to End 2019, Issues Rosy Outlook for 2020
There was a lot of information to unpack from tech-forward real estate brokerage Redfin's (NASDAQ: RDFN) final earnings report of 2019 -- most of it very positive. The company continues to chip away at market share, even though a housing market dominated by soaring prices (now even in rural areas) and a supply shortage of home listings is creating challenges.
Redfin is winning new customers in spite of the bumps and new services are helping it deepen its relationship with home buyers and sellers. After a strong showing in 2019, the new year looks just as promising.
First, let's recap the headline numbers. Fourth-quarter 2019 revenue was $233 million, 88% higher compared with the same period in 2018, and net losses narrowed to $7.8 million compared with a net loss of $12.2 million in Q4 2018. U.S. market share of existing home sales grew 0.13 percentage points to 0.94% during the fourth quarter.
Source Fool.com
