A number of brokerages and real estate tech companies continue rolling out their Q2 numbers, and we’re keep tabs on the big wins. Next up: Redfin
The online brokerage announced a 121 percent year-over-year increase in revenue, bringing it’s Q2 total to $471 million. Per Inman, that’s nearly double what Redfin brought in during the first three months of 2021.
Redfin’s net losses were also up, however. On an annual basis, Redfin’s losses totaled $27.9 million—up from $6.6 million—in part due to the company’s stock-based compensation which increased 90.2 percent year-over-year to $13.7 million.
“Even if the housing market grew by leaps and bounds since its near-death experience in the second quarter of 2020, Redfin’s share of that market also increased by a whopping 24 basis points, reaching 1.18 percent of all home sales based on the value of the home sold,” Redfin CEO Glenn Kelman said. “This is our largest market share gain since Redfin’s Initial Public Offering in 2017, and the fourth straight quarter of share gain acceleration.”
For the current quarter ending in October, Redfin said it expects revenue between $530-$541 million.