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Thursday, August 9, 2018

=Redfin (RDFN) reported earnings on Thur 9 Aug 2018 (a/h)

Redfin beats by $0.02, beats on revs; guides Q3 revs below consensus
  • Reports Q2 (Jun) earnings of $0.04 per share, excluding non-recurring items, $0.02 better thanthe Capital IQ Consensus of $0.02; revenues rose 35.9% year/year to $142.6 mln vs the $140.12 mln Capital IQ Consensus and July 17 pre-announcement of $142.1-142.5 mln..
  • Co issues downside guidance for Q3, sees Q3 revs of $137.1-141.3 mln vs. $142.49 mln Capital IQ Consensus Estimate.
  • Third quarter net income between $1.2 million and $2.8 million, compared to net income of $10.6 million in the third quarter of 2017. This guidance includes approximately $5.6 million of expected stock-based compensation, $2.0 million of expected depreciation and amortization, and $1.6 million of interest expense from the convertible notes issued in July 2018.

Redfin is investing more in Redfin Now, the service whereby Redfin buys homes directly, letting sellers move on with cash in-pocket 
Redfin structured Redfin Now as an experiment, beginning in the Inland Empire region of Southern California in January 2017, and then expanding to San Diego in June 2017. With the expansion to Orange County, Redfin is committing to the Redfin Now service and expects to offer it to consumers on an ongoing basis.

Redfin's CEO Glenn Kelman. Prior to joining Redfin, he was a co-founder of Plumtree Software (acquired ny BEA Systems in 2006). (photo 6 Oct 2020)

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