Redfin saw slight revenue decrease in Q3, but surpassed projections
Redfin saw a revenue decrease of 1% year over year, to $237 million in the third quarter, above the company’s projected revenue of between $214 million and $225 million.
In addition, its gross profit was $93 million, an increase of 74% year over year. It’s net income was $34.2 million, compared to a net income of $6.8 million in Q3 of 2019.
Redfin’s properties segment, which includes its iBuying arm RedfinNow, brought in $19 million during Q3, compared to $80 million in Q3 2019.
“Redfin’s increasing share of North America’s online real estate audience, coupled with a strong housing market, has generated demand faster than we can recruit agents, lenders and partners,” said Redfin CEO Glenn Kelman. “Our market share gains have resumed, and seem to be accelerating.”
Redfin’s earnings report says that it grew visitors to its website and mobile application by 38% year over year. It also conducted nearly 21,000 video tours – Redfin said that about 9% of home tour requests in Q3 were video tours.
Looking into Q4, Redfin projects a total revenue between $226 million and $233 million, representing a year-over-year decrease of up to 3% compared to Q4 of 2019.
Redfin also projects a net income between $2 million and $5 million in Q4, compared to a net loss of $7.8 million in Q4 of 2019.
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