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Redfin's market share ‘accelerates' after IPO

Written by CRETECH | Sep 7, 2017 8:42:00 PM

In its first earnings report since going public in July, Redfin posted strong revenue growth, as the high-tech brokerage's website traffic spiked and its market share "accelerated." Revenue increased 35 percent to $104.9 million in the first quarter compared to the same quarter in 2016. The brokerage squeezed out a profit of $4.3 million in the second quarter, but Redfin CEO Glenn Kelman attributed that result to seasonal conditions, stating that the company would post a net loss in 2017. “Redfin’s market-share growth accelerated in the second quarter, in part because so many people have been visiting our website,” Kelman said in a statement. “Redfin.com visitors have grown at a higher rate over each of the past three quarters than in any quarter in the last three years. And more of those visitors are connecting with a Redfin agent because our technology lets those customers move faster to tour and buy homes." Redfin claimed 0.64 percent marketshare of all existi...