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edfin's revenue surged 12% in Q4, but the company still posted a net loss of $36 million. The losses were higher than expected due to costs associated with transitioning to Redfin Next, the new commission split model that has attracted more agents than anticipated. Despite this, the company is optimistic about its prospects for 2025, citing cost savings and a stronger sales team as key factors.

    Redfin's revenue met expectations, increasing 12% in Q4 and 7% for the full year. However, the net loss per share was 29 cents, higher than investor estimates of around 23 cents. The company had 1,927 lead agents at the end of the year, a 14% increase from the previous year, and this momentum has continued into 2025 with an agent count topping 2,200.

    Redfin CEO Glenn Kelman said the company is pleased with the new hires, who are generally more experienced agents. He hopes that cost savings from restructuring will boost profits in 2025. The company plans to put those savings into a marketing campaign targeting sellers looking for lower listing fees during economic uncertainty.

    Kelman expects home sales to remain slow and is focused on growing market share in 2025. By trimming staff and increasing the brokerage's sales force, he aims for a positive EBITDA this year after a $26.5 million miss in 2024. Redfin is also targeting private listings, which Kelman believes are bad for consumers.

    Key numbers:

    * Revenue: $244.3 million, up 12% compared to Q4 2023

    * Cash and cash equivalents: $124.7 million in Q4, down from $149.8 million at the end of 2023

    * Net income/loss: A loss of $36.4 million in Q4, more than the $22.9 million loss a year ago

    * Adjusted EBITDA: A loss of $2.9 million in Q4, less than the loss of $13.5 million a year prior