The stock of Redfin Corporation (RDFN) closed the recent trading session at $28.64, losing 6.13% from the previous trading day. The stock recorded an all-day high of $30.40 and an all-day low of $28.27. RDFN stock further declined in the after-market, losing 16.9% to $23.8. Redfin Corporation announced the results for its fourth financial quarter of the fiscal year 2021. The company also filed the forms 8-K, S-8, 4, and 10-K with the SEC on February 17, 2022.
RDFN Financials
On February 17, 2022, RDFN announced the results for the fourth quarter of the fiscal year 2021, which ended on December 31, 2021. The main highlights of the quarterly results are
- Revenue increased from $244.5 million in Q4 of FY20 to $643.0 million in Q4 of the fiscal year 2021. This marks an increase of 163% in revenue. Annual revenue increased from $886.0 million in FY20 to $1.9 billion in FY21. Annual revenue grew by 116%.
- The gross profit of RDFN was $108.0 million in the fourth quarter of FY21 versus $80.1 million in the year-ago quarter. Gross profit increased by 34%.
- Furthermore, RDFN reported a net loss of $27.0 million in Q4 of FY21 as compared to the net income of $14.0 million in the same quarter of FY20.
- Moreover, the Diluted loss per share in Q4 of FY21 was $0.27 against the earnings per share of $0.11 in Q4 of FY20.
- RDFN reached the market share of 1.15% in the US existing home sale, increasing by 11 bps.
CEO Remarks
The CEO of Redfin Corporation (RDFN), Glenn Kelman, said that the revenue and net income topped their expectation in the fourth quarter. He further said that RDFN is expanding its sources of client esteem and corporate income, after quite a while of being sponsored by their brokerage.
Finally, Mr. Kelman concluded that on entering a debatable market, their pricing and on-demand service will allow them to take the market share.
About RDFN
Redfin is a tech-based real-estate brokerage firm that works on the model of undercutting the competition. RDFN is based in Seattle, Washington, United States of America (USA).
