Upgrade to SI Premium - Free Trial

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

May 7, 2020 4:44 PM

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

"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.

Categories

Corporate News Earnings Guidance Hot Guidance Management Comments

Next Articles