Microsoft strongly encourages users to switch to a different browser than Internet Explorer as it no longer meets modern web and security standards. Therefore we cannot guarantee that our site fully works in Internet Explorer. You can use Chrome or Firefox instead.

Why Redfin Stock Rocketed 30% This Week

TheMotleyFool

0 0

Why Redfin Stock Rocketed 30% This Week: https://g.foolcdn.com/editorial/images/709189/real-estate-gettyimages-1127921871.jpg

Shares of Redfin (NASDAQ: RDFN) soared 30% this past week, according to data from S&P Global Market Intelligence, after the real estate services provider announced plans to close its home-flipping operations.

Redfin's third-quarter results released on Wednesday were rough. Sharply high mortgage rates combined with stubbornly high home prices led to a steep plunge in home listings.

Redfin's gross profit, in turn, plunged 54% year over year to $58.1 million. Worse still, its net loss ballooned to more than $90 million from $18.9 million in the prior-year quarter.

Source Fool.com

Like: 0

RDFN

Share