Compass Inc. stock slides as real estate market adjusts to mortgage rates

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Digital real estate firm Compass is seeing shares slide after announcing a round of layoffs to cut costs amid rising mortgage rates.

Video Transcript

- Welcome back. Another hit to the housing market. Digital real estate firm Compass announcing around of job cuts to help lower costs. Now, this move comes as surging mortgage rates take a toll on the real estate market and rising interest rates take a bite out of valuations for tech companies.

Now, a significant number of the layoffs are going to affect the product and engineering teams. And this isn't the first round of cuts for the company. Back in June, it announced it was laying off 10% of its staff, roughly 450 jobs. The stock is down just about 5% on that news today. And the picture even worse so far this year. The stock is down 73% when you take a step back.

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