Redfin Stock Soars as Revenue Surges 70%
Redfin's (NASDAQ: RDFN) home-flipping business is taking off.
The technology-powered residential real estate company saw revenue in its "product" segment grow to $80.2 million, up from $11.4 million in the prior-year period. Redfin is expanding its home-buying and -selling business to new markets, as explained by CEO Glenn Kelman:
We're investing more in better service, but also in disruptive technologies that let people tour and buy homes without an agent. We've expanded instant offers for homeowners from six to ten markets, and are now showing homebuyers the commissions that a seller is offering their agent. These are big strides toward our long-term goal of redefining real estate in the consumers' favor.
Source Fool.com
