Shares of Redfin Corp. (RDFN, Financial) fell after the company reported second quarter earnings per share of 4 cents on revenue of $142.6 million, reflecting 35.9% year-over-year growth. The company beat earnings estimates by 2 cents and revenue estimates by $3.77 million.
Gross profit was $45.2 million, an increase of 22% from the second quarter of 2017. Gross margin was 32%, compared to 35%. Real estate services gross profit was $45.5 million, an increase of 22% and real estate services gross margin was 35%, compared to 37%.
Looking ahead, for the third quarter the company expects total revenue between $137.1 million and $141.3 million, reflecting 25% and 29% year-over-year growth, respectively. Properties segment revenue is expected to be between $10.1 million and $12.0 million.
Shares of Dropbox Inc. (DBX, Financial) lost about 8% after reporting second quarter earnings per share of 11 cents on revenue of $339.2 million, reflecting 27.2% year-over-year growth. The company beat earnings estimates by 4 cents and revenue estimates by $8.3 million.
Paying users totaled 11.9 million, higher than the 9.9 million for the same period of 2017. Average revenue per paying user was $116.66, also higher than the $111.19 figure for the same period last year.
GAAP gross margin was 73.6%, compared to 65.4% in the same period last year. Non-GAAP gross margin was 74.5%, compared to 66.7% in 2017.Ă‚ GAAP operating margin was negative 2.1%, as compared to negative 10.0%. Non-GAAP operating margin was 14.1%, higher than 8.0%.
Corcept Therapeutics Inc. (CORT, Financial) also fell on Friday mornings ahead of second quarter earnings per share of 20 cents on revenue of $62.31 million. Both figures fell short of estimates by 4 cents and by $6.19 million, respectively.
“Our Cushing’s syndrome franchise continues its significant growth, driven by physicians’ increasing realization that hypercortisolism is a serious disorder and that cortisol modulation is the best medical therapy for many patients,” said Joseph K. Belanoff, MD, Corcept’s CEO.
Disclosure: The author holds no position in any stocks mentioned.
