Why Redfin Stock Tumbled Today

·2 min read
Why Redfin Stock Tumbled Today

Shares of Redfin (NASDAQ: RDFN) were taking a dive today after the digital real estate brokerage posted strong revenue growth in its first quarter but got dinged for missing expectations on the bottom-line loss. In the midst of a record housing boom, Redfin delivered another strong quarter of top-line growth with revenue up 40% to $268 million, ahead of the analyst consensus at $253.3 million. Gross profit more than tripled to $42 million, showing the business is gaining leverage and scale.

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