Purplebricks will report its financials on July 3rd for the year. With the company imploding in Australia – the stock market will be watching intensely, the July 3rd Purplebrick’s earnings statement. If earnings are down – there may be 1 less competitor in the marketplace.
Purplebricks said May 7th; it’s shutting down in Australia after 2.5 years. It’s U.K. stock price fell 65% in the past year, according to Bloomberg. It also announced it’s conducting a “full review” of operations in the U.S.
Purplebricks began in the U.S. in late 2017, launching in Los Angeles. The company has struggled financially, with its U.S. and U.K. CEOs leaving in February, and the company reducing its expected revenue guidance.
The company pivoted its model in the U.S. to begin offering varying fees in different markets and success-based pricing where a homeowner only pays those fees if the home sells. It was a move that brought Purplebricks more in line with traditional real estate brokerages than the “disruptor” it was billed as when it launched.
Mike DelPrete, a real estate tech advisor, recently took a deep dive into the numbers and found the company’s massive marketing spending was failing to generate enough customers. Now the company’s shuttering its Australian outpost.
Michael Bruce, the company’s founder and current global CEO – who also oversees U.S. operations on an interim basis after U.S. CEO Eric Eckardt’s departure – is also stepping down….Or is he bailing out? On July 3rd – we’ll know!
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Kurt Galitski
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