Summary by Moomoo AI
Redfin Corporation reported Q2 2024 financial results, with revenue increasing 7% YoY to $295.2 million. Gross profit rose 9% to $109.6 million, while net loss slightly increased to $27.9 million from $27.4 million in Q2 2023. Adjusted EBITDA improved to break-even from a $6.9 million loss last year.Market share grew to 0.77% of U.S. existing home sales by units, up from 0.75% in Q2 2023. The company achieved a 28% mortgage attach rate, up 4 points YoY. Redfin expanded its Next agent pay plan and launched new AI-powered tools for homeowners and property managers.For Q3 2024, Redfin expects total revenue between $273-285 million, representing 1-6% YoY growth, and adjusted EBITDA between $4-12 million. CEO Glenn Kelman stated the company plans to be "significantly profitable in the years ahead" following recent restructuring efforts.
