Redfin reports $90.2M 3Q net loss, shuts down iBuying

Redfin reported a $90.2 million third quarter loss, a significant increase from the $18.9 million loss one year earlier. In addition citing elevated risk, the company also announced the closure of RedfinNow, its iBuying operation, resulting in staff cuts of 862. Since April, the number of Redfin employees has been reduced by 27 percent. The company is facing significant scrutiny after an Oppenheimer analyst downgraded its stock, saying the company’s model of employee agents was fundamentally flawed. Its stock is currently trading near an all-time low. Regardless, the company has a strong national brand and leading tech, so after adjusting with the market, it could rebound.