Redfin (RDFN) Tops Q1 EPS by 1c, Revenues Beat; Offers Q2 Revenue Guidance Above Consensus

Redfin (NASDAQ: RDFN) reported Q1 EPS of ($0.74), $0.01 better than the analyst estimate of ($0.75). Revenue for the quarter came in at $110.1 million versus the consensus estimate of $103.55 million.

"Redfin's traffic and revenue growth accelerated in the first quarter, and agent productivity increased for the first time since the second quarter of 2017, all while our earnings were better than our projections," said Redfin CEO Glenn Kelman. "Demand has been especially strong for mortgage, title, RedfinNow and our concierge service for painting and staging listings, increasing our conviction that these new services can combine with our brokerage capabilities to let us solve customer problems no other real estate company can."

GUIDANCE:

Redfin sees Q2 2019 revenue of $183.7-193.1 million, versus the consensus of $177.29 million.

• Total revenue between $183.7 million and $193.1 million, representing year-over-year growth between 29% and 35% compared to the second quarter of 2018. Properties segment revenue between $30.0 million and $35.0 million is included in the guidanceprovided.
• Net loss between $14.7 million and $11.3 million, compared to net income of $3.2 million in the second quarter of 2018. This guidance includes approximately $6.2 million of expected stock-based compensation and $1.9 million of expected depreciation and amortization.

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

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