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Anywhere Real Estate Posts Strong Revenue

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Shares of Anywhere Real Estate saw a significant boost on Tuesday following the release of their revenue report for the latest quarter. The provider of real estate services surpassed analysts’ expectations, driving the stock up by 8.5% to $8.31 at 11:50 a.m. ET. This marks a 30% increase since the beginning of the year, despite a 19% loss over the past 12 months.

Although second-quarter revenue dropped by 22% to $1.67 billion, it still outperformed analysts’ projections of $1.63 billion, according to FactSet. Net income for Anywhere Real Estate also experienced a significant decline, falling from $88 million, or 76 cents a share, to $19 million, or 17 cents a share, in comparison to the same period last year.

Despite these challenges, Chief Executive Ryan Schneider expressed optimism about the company’s performance. He stated, “In the midst of a challenging housing market, we delivered results in line with our expectations and continue to invest to set Anywhere up for an even stronger future.” One of the key strategies to achieve this is the company’s focus on growing its high-margin franchise business and transforming its cost base.

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