Why Redfin Stock Jumped Today
Shares of Redfin (NASDAQ: RDFN) surged after the online real estate brokerage's first-quarter results showed it is recovering from the housing slowdown.
The stock closed up 33.2% on the news.
Revenue plunged 45% to $325.7 million, reflecting the company's exit from the Redfin Now home-flipping business, but that beat the analyst consensus estimate of $314.5 million. Service revenue, which mainly reflects its brokerage business, was down 2.1% to $212.9 million, but gross profit improved, showing it's becoming more efficient.
Source Fool.com
