AgentBrokerage

Redfin makes market share, revenue gains in the third quarter

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In its second earnings call since going public in July, web-based brokerage service Redfin announced a 35-percent spike in year-over-year revenue to $109.5 million and gross profits of $39.3 million, resulting in net income of $10.6 million for the third quarter, according to an earnings report from the company released Thursday afternoon. Redfin Now, a four-month-old service that allows the brokerage to buy homes directly from customers, generated $3.4 million in revenue while traffic to the company’s website and mobile app grew 38 percent year-over-year, a deceleration from second-quarter growth of 43 percent. “Redfin’s brokerage market-share gains accelerated again in the third quarter, with strong traffic growth and steadily increasing sales in all of our new businesses,” said Redfin CEO Glenn Kelman during the third-quarter earnings call. “We also invested in making our service better and more efficient over the coming years while delivering better-than-expected ea...