Here's Why Redfin Is Plunging Today
The stock market was having a strong day on Friday, with all three major indices slightly higher. However, real estate technology company Redfin (NASDAQ: RDFN) was a different story. As of 11:45 a.m. EDT, Redfin has shed more than 20% of its value.
In some ways, Redfin's second-quarter numbers were strong. Sure, revenue was lower year over year due to the slowing housing market and the closure of the RedfinNow iBuying business, but it came in ahead of expectations. What's more, Redfin's net loss for the quarter was about one-third of what it was a year ago, a better improvement than analysts expected. And momentum in the mortgage and title services businesses was impressive.
However, there were a couple of major disappointments for shareholders.
Source Fool.com
