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Redfin (RDFN) Tops Q1 EPS by 10c, Revenues Beat; Offers 2Q Revenue Guidance Below Consensus

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May 7, 2020 4:44 PM EDT

Redfin (NASDAQ: RDFN) reported Q1 EPS of ($0.64), $0.10 better than the analyst estimate of ($0.74). Revenue for the quarter came in at $191 million versus the consensus estimate of $180.42 million.

First Quarter Highlights

  • Reached market share of 0.93% of U.S. existing home sales by value in the first quarter of 2020, an increase of 0.10 percentage points from the first quarter of 2019.(1)
  • Saved homebuyers and sellers over $30 million in the first quarter of 2020. This includes the savings Redfin offers buyers through the Redfin Refund and sellers through Redfin's lower listing fee when compared to a 2.5% listing commission typically charged by traditional agents.
  • Launched Redfin Premier, a luxury service offering enhanced local and international marketing, as well as high-end photography and branding for million-dollar homes. The program was introduced in Austin, Boston, Chicago, Denver, Hawaii, Maryland, Orange County, Portland, Sacramento, San Diego and Northern Virginia and will be expanded to other markets over time.
  • Expanded the brokerage's national footprint by launching agent service in Flagstaff, AZ.
"Real estate commerce has probably virtualized itself more in the past two months than it had in the prior 20 years," said Redfin CEO Glenn Kelman. "This makes Redfin's technology advantage over other brokers more important than ever. But what matters most isn't what we built prior to this pandemic; it's how we've reacted since. We were the first major broker to encourage homebuyers to tour homes via video-chat, on March 3; the first to warn the public of a possible housing-market downturn, on March 4; the first to cancel all open houses to protect public health, on March 16; and the first to offer homebuyers self-service access to the listings being sold by our customers, on April 23. And there are still so many firsts ahead of us. The reason we're working so hard is to bring back all the colleagues and friends we lost in our April furlough."

GUIDANCE:

Redfin sees Q2 2020 revenue of $179-189 million, versus the consensus of $195.78 million.

For earnings history and earnings-related data on Redfin (RDFN) click here.


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