$Redfin (RDFN.US)$ NEWS Redfin Reports First Quarter 2024 Fi...
NEWS
Redfin Reports First Quarter 2024 Financial Results
Positive
Revenue increased by 5% to $225.5 million in the first quarter of 2024.
Gross profit surged by 22% year-over-year to $70.8 million.
Real estate services gross profit saw a significant 28% increase to $20.3 million.
Adjusted EBITDA loss improved to $27.6 million from $63.6 million in the first quarter of 2023.
Market share, loyalty sales, and luxury sales all experienced strong growth, with improvements in key markets.
New initiatives like Ask Redfin, an AI-powered virtual assistant, drove increased user engagement.
Negative
Net loss amounted to $66.8 million in the first quarter of 2024.
Net loss per share attributable to common stock, diluted, was $0.57.
Redfin's mobile apps and website experienced a slight decrease in average monthly users compared to the first quarter of 2023.
Revenue increased by 5% to $225.5 million in the first quarter of 2024.
Gross profit surged by 22% year-over-year to $70.8 million.
Real estate services gross profit saw a significant 28% increase to $20.3 million.
Adjusted EBITDA loss improved to $27.6 million from $63.6 million in the first quarter of 2023.
Market share, loyalty sales, and luxury sales all experienced strong growth, with improvements in key markets.
New initiatives like Ask Redfin, an AI-powered virtual assistant, drove increased user engagement.
Negative
Net loss amounted to $66.8 million in the first quarter of 2024.
Net loss per share attributable to common stock, diluted, was $0.57.
Redfin's mobile apps and website experienced a slight decrease in average monthly users compared to the first quarter of 2023.
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