Redfin shares further news on layoffs, Q3 earnings – Mortgage Professional
‘It’s going to be a long night,’ CEO says in bracing for more market woes
Top officials at Redfin – which this week announced it would lay off 13% of its workforce – detailed the company’s woes during an earnings call scheduled after its announcement of the massive cuts.
Chris Nielsen, the company’s chief financial officer, broke down the numbers during the earnings call:
Third quarter revenue was $601 million, up 11% from a year ago and within Wall Street expectations between $590 million to $627 million guidance range, Nielsen explained. Real estate services revenue, which includes brokerage and partner businesses, generated $212 million in revenue, which was down 18% year over year. Brokerage revenue or revenue from home sales closed by Redfin agents was down 17%, driven by transaction volume decreases of 17%, the CFO said.
Revenue from partners was down 37% on a 26% decrease in transactions and mix shift to lower-value houses, according to Nielsen. Overall, real estate services…
The post Redfin shares further news on layoffs, Q3 earnings – Mortgage Professional first appeared on SEO, Marketing and Social News | OneSEOCompany.com.
source: https://news.oneseocompany.com/2022/11/11/redfin-shares-further-news-on-layoffs-q3-earnings-mortgage-professional_2022111135574.html
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.