Why Redfin Stock Plunged 36% in August
Shares of digital real estate company Redfin (NASDAQ: RDFN) plummeted 36% in August according to data provided by S&P Global Market Intelligence. It let shareholders know that it won't meet its goals of reaching adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) profitability on time, and it lost market share in the second quarter of 2023.
Redfin operates a digital real estate platform, and since the housing market has tanked, Redfin's business has suffered. But the stock price has been declining since 2021, after Redfin went back to losses after briefly becoming net profitable.
Source Fool.com
