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Redfin laid off 201 employees, or about 4% of its workforce, on Tuesday as it continues to trim expenses in response to the housing downturn and ongoing economic uncertainty.
A company spokesperson confirmed the cuts to GeekWire on Wednesday. This is the third time in less than a year the Seattle real estate company has conducted a workforce reduction.
“While another layoff is painful, especially for those leaving the company, Redfin must continue to adapt to the current economic climate,” the spokesperson said in a statement.
Redfin said last November that it would wind down its home-flipping program RedfinNow and eliminate 862 positions, or 13% of its workforce. That came after an 8% workforce reduction last June.
Redfin revenue fell 25% in the fourth quarter after mortgage rates and a sluggish market kept many buyers and sellers on the sidelines. The company also reported a net loss of $61.9 million, compared to $27 million in the year-ago quarter.
The most recent round of cuts will mostly affect workers in the real estate support segment. Laid off employees will receive 10-15 weeks of severance depending on tenure and healthcare coverage for three months, according to the spokesperson.
A number of real estate tech companies have laid off employees in Washington state over the last year in response to the market downturn including Zillow, Flyhomes, Compass, and others.
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