Redfin reported fourth-quarter 2024 revenue growth but a larger quarterly loss on February 27, 2025, and said it had incurred restructuring costs as it shifted spending toward growth. Contemporaneous coverage reported that Redfin shares fell about 11% after hours; that figure is a reported market reaction, not a verified longer-term return. CEO Glenn Kelman called an early-2025 restructuring “especially painful.”
What Redfin reported for Q4 and full-year 2024
Redfin Corporation announced results on February 27, 2025, for the quarter and year ended December 31, 2024. Its earnings release reported higher revenue in both periods, alongside a wider fourth-quarter net loss and a substantial improvement in full-year adjusted EBITDA.
| Measure | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Revenue | $244.3 million; up 12% year over year | Comparison period | $1.043 billion; up 7% year over year | Comparison period |
| GAAP net loss | $36.4 million | $22.9 million | not stated in the cited earnings-release summary | not stated in the cited earnings-release summary |
| Diluted net loss per share | $0.29 | $0.20 | not stated in the cited earnings-release summary | not stated in the cited earnings-release summary |
| Adjusted EBITDA | $2.9 million | -$13.5 million | -$26.5 million | -$76.4 million |
Revenue and GAAP net loss are not interchangeable measures: Redfin brought in more revenue, but its Q4 net loss increased year over year. Adjusted EBITDA is a non-GAAP measure and should not be read as net income; on that measure, the company moved to a small Q4 profit and narrowed its full-year loss. See Redfin’s earnings release filed with the SEC for the company’s reported results and definitions.
Why did Redfin shares fall after earnings?
GeekWire/Real Estate News reported an approximately 11% decline in Redfin shares in after-hours trading following the results on February 27, 2025. That is a contemporaneous press report; the cited source set does not establish an exchange-verified calculation or a longer-term stock return. The same report said the $0.29 quarterly loss per share was above investor estimates of around $0.23. The estimate is approximate and attributed to that coverage; the earnings release reports Redfin’s actual result, not the source or methodology for the estimate.
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The reported reaction came despite revenue growth and better adjusted EBITDA. The larger GAAP loss and the reported gap between actual and expected loss per share are relevant context, but the available reporting does not establish that either alone caused the share move. Read Dave Gallagher’s contemporaneous GeekWire/Real Estate News coverage for the reported market move and CEO remarks.
What Kelman said about the restructuring
In the contemporaneous report, CEO Glenn Kelman described several restructurings in 2024 and an additional action at the beginning of 2025. He said: “We’ve gone through several restructurings in 2024 and then we had an especially painful one at the beginning of 2025 because we wanted to put all the chips on the table on growth and to spend less on staffing,”
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His explanation was that Redfin wanted to prioritize growth while spending less on staffing. The quote comes from the news coverage, not from the earnings release. The available information here does not specify the headcount impact of the early-2025 action, so the cumulative workforce figure below should not be mistaken for its size.
How the workforce reduction figure should be understood
Redfin’s 2024 Form 10-K says its workforce declined 39% from April 2022 through December 2024 through involuntary reductions and attrition. This is a cumulative change over that period, not a figure for the restructuring Kelman described at the beginning of 2025. The disclosure is in Redfin’s 2024 annual filing.
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What Redfin forecast in February 2025
As of the February 27, 2025 earnings announcement, Redfin forecast Q1 2025 revenue of $214 million to $225 million and an adjusted EBITDA loss of $39 million to $32 million. The company said the outlook included $21 million to $24 million of restructuring expense. These were dated expectations for the following quarter, not current guidance or reported Q1 results.
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