QNGY - Redfin Stock News: Why Is RDFN Down Big Today? 9 Things for Investors to Know.
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Redfin (NASDAQ:RDFN) stock is slipping on Friday following the release of its earnings report for the fourth quarter of 2021.
Let’s dive into that report below to see what’s pulling RDFN stock down today!
- The big problem for Redfin comes from its guidance for the first quarter of 2022.
- This has it expecting a total net loss of $122 million and $115 million.
- To put that in perspective, the real estate company’s total net loss in the first quarter of 2021 was $36 million.
- That drags down an otherwise good earnings report from Redfin.
- That includes earnings per share of -27 cents, which is better than the -31 cents Wall Street was expecting.
- However, that’s also a negative switch from the 11 cents per share reported in the same period of the year prior.
- Revenue of $643.1 million also surpassed the $598.77 million that analysts were expecting during the period.
- It’s also a 163% increase over the $244.52 million reported in the fourth quarter of 2020.
- Finally, revenue guidance of $535 million to $560 million for Q1 2022 is better than Wall Street’s estimate of $524.59 million.
Glenn Kelman, CEO of Redfin, said the following in the Q4 earnings report dropping RDFN stock today.
‘Redfin is broadening its sources of customer value and corporate income, with title, mortgage, and iBuying now on track to generate gross profits, after years of being subsidized by our brokerage. Entering an uncertain market, Redfin’s pricing power and on-demand service will let us take share and improve operating margins.”
Heavy trading following the Redin earnings report today. That has some 8 million shares changing hands as of this writing. For the record, the company’s daily average trading volume is closer to 1.2 million shares.
RDFN stock is down 24.8% as of Friday afternoon.
InvestorPlace has more of the latest stock news for investors to dive into below!
We’ve got all the daily stock coverage that traders need to know about. A few examples include Shake Shack (NYSE:SHAK), Fast Radius (NASDAQ:FSRD), and Quanergy Systems (NYSE:QNGY) stock news for today. You can read all about that at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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