Summary by Futu AI
Redfin reported Q2 2024 revenue of $295.2 million, up 7% year-over-year, with net loss from continuing operations narrowing to $27.9 million from $27.2 million in Q2 2023. Real estate services revenue increased 4% to $187.6 million, while rentals revenue grew 12% to $50.9 million. Brokerage transactions rose 3% and brokerage revenue per transaction increased 1%.Total gross margin improved 70 basis points to 37.1%, driven by gains in rentals, mortgage and other segments. Operating expenses decreased 6% to $138.5 million, with reductions across technology, general and administrative, and restructuring costs. Marketing expenses increased 22% to $40.3 million as advertising spend ramped up.Redfin repurchased $71.2 million of its 2025 convertible notes at a discount, recording a $6.3 million gain. The company's cash position remains strong, with $75 million maintained as required by its term loan facility. Management continues to focus on improving profitability amid challenging macroeconomic conditions in the residential real estate market.
