“We are not ending the year market-wide with a bang but with a whimper:” Redfin profits tumble

Redfin’s net income tumbled 67 percent year-over-year, as the discount brokerage grapples with what its leader described as a residential market in “temporary retreat.” Net income was for the third quarter was $3.5 million, down from $10.6 million in the third quarter of 2017. Total revenues, however, were up 28 percent year-over-year, to $140.3 million from $109.5 million. Redfin’s stock fell on Thursday after the firm reported lower guidance for the fourth quarter; the company […]

Source: Real Estate

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