Redfin Corp. shares plunged more than 10% in after-hours trading Thursday, after executives predicted losses in the first quarter of 2022 would exceed full-year losses in 2021 as the company maintains an iBuying business that a rival dropped.
Analysts on average expected Redfin to report losses of 31 cents a share on sales of $599 million, according to FactSet. Redfin RDFN, -6.13% shares, however, dove to less than $26 in the extended session, after closing with a 6.1% loss at $28.64. Redfin executives guided for first-quarter revenue of $535 million to $560 million, with the bulk coming from its “Properties” division, which they expect to collect $330 million to $350 million in revenue. That division, which is almost entirely made up of iBuying, produced record revenue of $377.1 million in the quarter, up from less than $40 million in the fourth quarter of 2020.
“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,” he said in the announcement. “Entering an uncertain market, Redfin’s pricing power and on-demand service will let us take share and improve operating margins.”
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