Why Redfin Stock Rallied on Friday
Shares of Redfin (NASDAQ: RDFN) popped 8% on May 8, following the release of the discount brokerage's first-quarter results.
Redfin's revenue surged by 73% year over year to $191 million. Its gross profit, meanwhile, soared 368% to $3 million, as its real estate gross margin improved to 14% from 6% in the year-ago quarter.
Redfin is rapidly gaining share in the massive U.S. housing market, thanks in part to its internet-based platform -- which is proving particularly valuable during the COVID-19 crisis -- and the hefty cost savings it often provides to its customers.
Source Fool.com
