Redfin Corporation (RDFN) stock plummeted 16.90% in the after-market trading session at the price of $23.80 following the release of its financial results for the fourth quarter of 2021. Redfin is a technology-centered real estate enterprise. The company helps customers find a residence to live in. It provides renovations services, brokerage, rentals, lending, title insurance, and instant home-buying services.
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RDFN Fourth Quarter 2021 Results
On 17th February 2022, Redfin Corporation published its financial results for the fourth quarter ended 31st December 2021. RDFN calculated revenue of $643.1M for the Q4 of 2021, a 163% gain from the same quarter of 2020. Gross profit totaled $108M during the quarter, a surge of 35% year-over-year. For the Q4 of 2021, the company has a net loss of $27.0M. The net income was $14.0M for the same quarter of the previous year. Net loss attributable to common stock was $28.4M, or per share of $0.27, for the Q4 of 2021.
RDFN Full-Year 2021 Financial Results
RDFN calculated $1,922.8M in revenue for the full year 2021, a year-over-year gain of 117%. Gross profit totaled $403.8M during the quarter, a 74% surge year-over-year. Net loss for 2021 was $109.6M, compared to $18.5M in 2020. Net loss attributable to common stock totaled $116.9M, or per share of $1.12, for the year ended 31st December 2021.
Management Comments
Chief executive officer of Redfin, Glenn Kelman, commented that total revenues and net income surpassed their expectations during the fourth quarter. RDFN is widening its sources of corporate income and customer value with iBuying, title, and mortgage are now on track to yield gross profits. Entering an unsteady market, the company’s on-demand service and pricing power will let it take share and enhance operating margins.
RDFN Business Outlook
For first-quarter of 2022, RDFN expects revenue to range from $535M to $560M. It represents a year-over-year gain of 99% to 109% from the same quarter of 2021. The net loss has anticipated ranging from $122M to $115M for Q1 of 2022. The company had a net loss of $36M in the first quarter of last year.
