Redfin posts 38% revenue increase to $370M for 2017

Shares fell for Redfin after third earnings report since going public

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In its latest earnings call Thursday, Seattle-based online brokerage Redfin posted a 38 percent year-over-year increase in revenue to $370 million for full-year 2017, resulting in a net loss of $15.0 million for the year, an improvement over its $22.5 million loss in for 2016. For the fourth-quarter 2017, Redfin reported a 43 percent increase in revenue year-over-year to $95.8 million, for a net loss of $1.8 million. The report was Redfin's third since going public last July. The company saw a gross profit of $29.2 million, up 37 percent from $21.3 million in the fourth quarter of 2016. Of Redfin's revenue, $5.1 million came from Redfin Now, its service that buys home directly from consumers. CEO Glenn Kelman provided updates about the branch of Redfin during the earnings call. Redfin Now sold nearly all the homes it had purchased starting in January 2017 by the end of the year, with the rest under contract to sell by the end of this month, Kelman said. Redfin Now had e...