Why Redfin Stock Is Rising Today
Shares of Redfin (NASDAQ: RDFN) were climbing on Thursday after the company reported its third-quarter financial results late yesterday. The company missed analysts' top- and bottom-line estimates, but investors are likely reacting to the fact that Redfin said yesterday that it's exiting its iBuying (instant buying) business and significantly reducing its workforce.
The real estate company's stock was up by 40% as of 12:04 p.m. ET today.
Redfin released its third-quarter results after the closing bell yesterday and reported an adjusted loss of $0.83 per share, which was far worse than the $0.20 loss in the year-ago quarter, and it missed analysts' consensus estimate of a loss of $0.80.
Source Fool.com
