Purplebricks said today it would pull out of the US market in the latest setback for the UK online estate agent.
The company is preparing to exit Australia after admitting it had chased international growth too aggressively.
Purplebricks, which also operates in Canada, entered the US in 2017, confident it could replicate its performance in Britain.
But in May, it apologised to shareholders for its disappointing performance and said it had cut US marketing and other expenses and was reviewing whether it can run a "materially scaled back US business".
The company, which said it would either sell or close the US business, also reported nearly doubling its total annual operating loss to £52.3m, while revenue rose 55% to £136.5m.
Founded by Michael Bruce in 2014, Purplebricks was one of the fastest growing British companies, using a low-fee model to win business from more bigger, established estate agents, such as Countrywide and Foxtons.
Hoping to repeat that success in the US, Purplebricks expanded into seven states in just a year, racking up high marketing costs.
But US earnings have not matched the estate agent's expectations.
While US revenue for the year ended April 30 grew more than 600%, operating losses more than doubled to £34.1m, reflecting a substantial increase in marketing spending and the establishment of an East Coast office, Purplebricks said.
"We have taken the difficult decisions to exit our businesses in both Australia and the US as it is very important that we now focus our resources on the UK and Canada, where we have a strong established presence," chief executive Vic Darvey said in a statement.
The company, whose founder and chief executive quit in May, said it would wind down both its Australian and US operations by the end of 2019.
Purplebricks said the exit was expected to "significantly" reduce cash burn in the future.
Purplebricks entered Australia two and a half years ago and market conditions have since worsened, the company has said.
The AIM-listed company is backed by German publisher Axel Springer.
British money manager Neil Woodford, one of Purplebricks' longest-standing investors, recently had to suspend his flagship fund and has cut his stake in the estate agent.
