Shares of online real-estate brokerage Redfin (NASDAQ:RDFN) jumped on Thursday. As of 11:20 a.m. EST, the stock was up about 14%.
The stock's gain comes as the company's top and bottom lines both beat analyst expectations. In addition, management's outlook for first-quarter revenue topped estimates.
Redfin reported fourth-quarter revenue of $233 million, up 88% year over year. This was an acceleration from 70% revenue growth in Q3. Analysts, on average, were expecting revenue of $217 million. The company's loss per share during the period was $0.08, narrower than a loss of $0.14 in the year-ago period and beating analysts' average forecast for a loss per share of $0.12.
Capturing the company's momentum, this was the fourth quarter in a row that Redfin's core real estate services segment saw an accelerated revenue growth rate. More importantly, Redfin once again saw a year-over-year improvement in the gross profit margin of every one of its business segments.
For the first quarter of 2020, management expects revenue to increase 63% to 71% year over year to between $179 million and $188 million. Analysts, on average, were expecting first-quarter revenue of about $178 million.
Editor's note: This article has been corrected. This was the fourth quarter in a row that Redfin's core real estate services segment saw an accelerated revenue growth rate.