Redfin cuts more than 200 positions
The brokerage's real estate support division was the hardest hit in this third round of layoffs since June.
Another round of layoffs hit Redfin this week, with the company letting go of 201 employees on Tuesday.
The affected employees, primarily in real estate support, represent about 4% of the company's total workforce.
The company cited "the housing downturn and economic uncertainty" as reasons behind the cuts — the third round of layoffs at the company in less than a year.
This round is smaller than previous layoffs at Redfin. In June of last year, Redfin cut 8% of its workforce and in November, Redfin laid off 862 employees, representing 13% of its workforce.
"While another layoff is painful, especially for those leaving the company, Redfin must continue to adapt to the current economic climate," the company said in a statement. "The people leaving Redfin have been wonderful colleagues, and if they wanted to return, we'd welcome them back in a stronger housing market."
As in the previous two rounds of layoffs, employees laid off this week will receive 10-15 weeks of severance depending on tenure, and healthcare coverage for three months.
In its most recent earnings report, Redfin reported a 25% drop in fourth-quarter revenues as it wound down its iBuyer program, RedfinNow. The end of the iBuying program was responsible for many of last year's layoffs.
CEO and founder Glenn Kelman said in February that he expected to see improved profit in 2023, in part because of "lowered expenses."