Purplebricks Exits U.S. After Shares Plummet 75% in Two Years
- U.S. operating loss more than doubled in last financial year
- Stock gains Wednesday on decision to focus on U.K., Canada
A Purplebricks Group Plc estate agents sign in London.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Purplebricks Group Plc‘s stock climbed after the online estate agent said it was pulling out of the U.S., marking an end to a 75% slump in valuation since it ventured across the Atlantic in September 2017.
Shares in the U.K. company that charges homeowners a fixed fee, whether or not a property is sold, have plummeted amid a deteriorating market at home and as expansion abroad deepened losses. The news comes on the heels of the company’s Australia exodus in May.