Why Redfin Stock Catapulted Higher Today
Shares of Redfin (NASDAQ: RDFN) were surging today after the online real estate brokerage showed signs of a recovery in its third-quarter earnings report even though the business is still struggling with high mortgage rates and a weak housing market.
As a result, the stock was up 26.2% as of 11:09 a.m. ET.
Redfin's revenue continued to decline in the quarter, falling 12% to $269 million, which was below estimates at $271 million. However, gross profit, which is a more important figure for the company, rose 8% to $98.3 million, showing it's doing a better job of converting revenue into profits before overhead costs.
Source Fool.com
