Redfin (RDFN) Tops Q3 EPS by 6c, provides outlook

Redfin (NASDAQ: RDFN) reported Q3 EPS of ($0.17), $0.06 better than the analyst estimate of ($0.23). Revenue for the quarter came in at $269 million versus the consensus estimate of $270.99 million.

Business Outlook:

The following forward-looking statements reflect Redfin\'s expectations as of November 2, 2023, and are subject to substantial uncertainty.

For the fourth quarter of 2023 we expect:

Total revenue between $211 million and $226 million, representing a year-over-year change between (5)% and 2% compared to the fourth quarter of 2022. Included within total revenue are real estate services revenue between $127 million and $137 million, rentals revenue between $49 million and $50 million, mortgage revenue between $26 million and $29 million and other revenue of $9 million to $10 million.
Total net loss is expected to be between $27 million and $18 million, compared to net loss of $62 million in the fourth quarter of 2022. This guidance includes approximately $20 million in total marketing expenses, $18 million of stock-based compensation, $15 million in depreciation and amortization, $27 million in gains on extinguishment of convertible senior notes and $2 million to $3 million in net interest expense. Adjusted EBITDA loss is expected to be between $19 million and $9 million. Furthermore, we expect to pay a quarterly dividend of 30,640 shares of common stock to our preferred stockholder.

For earnings history and earnings-related data on Redfin (RDFN) click here.

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