Cooling housing market prompts layoffs at Redfin

By AP News

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SEATTLE (AP) — Redfin, the Seattle-based real estate brokerage, says it will lay off 8% of its employees as the housing market cools off.

SEATTLE (AP) — Redfin, the Seattle-based real estate brokerage, says it will lay off 8% of its employees as the housing market cools off.

The Seattle Times reports CEO Glenn Kelman announced the layoffs Tuesday, telling employees, “With May demand 17% below expectations, we don’t have enough work for our agents and support staff, and fewer sales leaves us with less money for headquarters projects.”

The cuts at the online listing site and real estate brokerage could affect more than 450 people. Redfin has about 5,800 employees, not including those who work for RentPath, which Redfin acquired last year.

Redfin’s share price has dropped from about $39 at the start of the year to $8.55 this week.

The company lost about $110 million last year, up from $18.5 million the year before, according to SEC filings.

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Author: AP News

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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