Summary by Moomoo AI
Redfin Corporation reported Q2 2024 revenue of $295.2 million, up 7% year-over-year, while net loss narrowed to $27.9 million from $27.2 million in Q2 2023. Real estate services revenue increased 4% to $187.6 million, with brokerage transactions up 3% and brokerage revenue per transaction rising 1%. Rentals revenue grew 12% to $50.9 million.The company continued to optimize operations, reducing total operating expenses by 6% to $138.5 million through lower technology, development and general administrative costs. Gross margin improved to 37.1% from 36.4% last year, driven by stronger performance in rentals, mortgage and other segments. During the quarter, Redfin drew down the remaining $125 million from its term loan facility with Apollo.Looking ahead, Redfin faces ongoing housing market headwinds from higher mortgage rates and inventory constraints. The company reached a $9.25 million settlement agreement in June 2024 to resolve nationwide home seller claims. Management remains focused on cost discipline while investing in core brokerage and digital services to drive long-term growth.
