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Why RE/MAX Holdings Stock Dropped 18.8% on Friday

TheMotleyFool

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Why RE/MAX Holdings Stock Dropped 18.8% on Friday: https://g.foolcdn.com/editorial/images/721321/person-searching-for-homes-online.jpg

Shares of RE/MAX Holdings (NYSE: RMAX) fell as much as 18.8% in trading on Friday after the company reported fourth-quarter 2022 financial results. Shares closed the day down 13.5%.

Revenue fell 8.9% to $81.3 million and the company swung from net income of $3.1 million a year ago to a loss of $2.6 million, or $0.14 per share.

A sharp drop in broker fees from $16.8 million to $11.9 million was the biggest reason for the loss. The housing market's sales volume has cratered as interest rates rose and fewer buyers were able to afford high house prices.

Source Fool.com

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