$Redfin (RDFN.US)$ shares are trading 17% lower on Friday after the company released disappointing Q3 results late Thursday.
Redfin reported a quarterly loss of $(0.28) per share, which missed the consensus estimate of $(0.20) by 40%.
Revenue for Q3 was $278.02 million, slightly below the analyst expectation of $280.75 million, marking a miss of 0.97%. This still represented a 3.37% increase over last year's Q3 sales of $268.96 million.
Additionally, Redfin's adjusted EBITDA nearly halved, dropping to $3.9 million from $7.7 million a year prior. Its share of U.S. existing home sales by units also declined to 0.76%, down from 0.78% last year.
Looking forward, the company projected Q4 revenue between $273 million and $242 million, with the consensus estimate at $238.51 million.
At 1:34 p.m. ET, the stock is trading at $9.56, off 16.625%.
