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By Sam Boughedda
Investing.com -- Redfin (NASDAQ:RDFN) shares plunged in extended trading Thursday, down 14.6% after the company posted its fourth-quarter results.
The real estate brokerage announced a loss per share of 27 cents on revenue of $643.06 million. Analysts polled by Investing.com anticipated a loss per share of 31 cents on revenue of $598.29 million.
Net loss was $27 million, compared to a net income of $14 million in the fourth quarter of 2020. Revenue increased 163% compared to Q4 2020. In addition, the company expanded brokerage services into Big Bear, California; Ocean City, Maryland; and Ulster County, New York during the quarter.
“Fourth-quarter revenues and net income exceeded our expectations,” said Redfin CEO Glenn Kelman.
“More importantly, Redfin is broadening its sources of customer value and corporate income, with title, mortgage, and iBuying now on track to generate gross profits, after years of being subsidized by our brokerage. Entering an uncertain market, Redfin’s pricing power and on-demand service will let us take share and improve operating margins," he added.
Redfin expects first quarter revenue to be between $535 million and $560 million.