Redfin cut through the iBuyer noise of 2021 and emerged relatively strong, according to fourth quarter and year-end earnings reports.
According to a company report, Redfin’s Q4 revenue was $643.1 million, an increase of 163 percent year-over-year. Gross profit came in at $108 million, up 35 percent compared to the fourth quarter of 2020.
Net loss, however, was $27 million—with a reported $28.4 million attributable to common stock.
Looking at 2021 as a whole, Redfin reports a full year revenue of $1,922.8 million, an increase of 117 percent year-over-year. Gross profit was $403.8 million, app 74 percent year-over-year.
Annual net loss was $109.6 million, compared to a net loss of $18.5 million in 2020.
“Fourth-quarter revenues and net income exceeded our expectations,” said Redfin CEO Glenn Kelman. “More importantly, Redfin is broadening its sources of customer value and corporate income, with title, mortgage, and iBuying now on track to generate gross profits, after years of being subsidized by our brokerage. Entering an uncertain market, Redfin’s pricing power and on-demand service will let us take share and improve operating margins.”