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Actionable news in RDFN: Redfin Corp,

Redfin shares fall after sales, earnings miss

Shares of Redfin Corp. RDFN, +6.91% fell as much as 13% late Thursday after the real-estate company swung to an unexpected per-share quarterly loss in the third quarter and reported quarterly sales below Wall Street expectations. Redfin said it earned $10.6 million in the quarter, compared with $5.7 million in the third quarter of 2016. Revenue increased to $109.5 million, compared with $81 million a year ago. It reported a GAAP net loss per diluted share, however, reflecting items related to convertible shares that were outstanding before a conversion to common stock after Redfin's IPO in July. The company's GAAP net loss per diluted share was 50 cents, compared with a net income per diluted share of 3 cents a share in the third quarter of 2016. Analysts polled by FactSet had expected GAAP per-share earnings of 12 cents a share on sales of $110.3 million.


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