Redfin Layoffs
November 2022
Redfin announced a layoff affecting 862 employees (13% of its workforce) in November 2022. The company operates in the Real Estate sector.
862
13%
Nov 9, 2022
About
Redfin, a major real estate technology company, announced significant layoffs on November 9, 2022, cutting 862 employees, which represents 13% of its total workforce. This decision is part of a broader strategic shift to wind down its home-flipping business, RedfinNow, as the company faces a prolonged housing market contraction expected to last into 2023. The move follows earlier job cuts in June and comes amid a sharp decline in homebuying demand, with the company's quarterly losses widening. CEO Glenn Kelman noted the housing market in 2023 is projected to be 30% smaller than in 2021, necessitating these reductions to align with the challenging economic outlook. This reflects broader struggles within the iBuyer industry, where tech-driven home-flipping models have faced profitability issues.
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