Summary by Moomoo AI
Redfin reported Q3 2024 revenue of $278 million, up 3% year-over-year, driven by growth in rentals, mortgage, and other segments. However, net loss from continuing operations widened to $33.8 million from $19 million in Q3 2023. Real estate services revenue declined 1% to $175.1 million, with brokerage transactions up 2% but revenue per transaction down 3%.Gross profit increased 4% to $101.9 million, with gross margin unchanged at 36.6%. Operating expenses rose 4% to $128.8 million, including $2.5 million in restructuring costs. Interest expense surged to $8.5 million from $1.6 million last year due to the new term loan.Redfin's U.S. market share by units was 0.76% in Q3, down slightly from 0.78% a year ago. The company ended the quarter with 1,757 lead agents, up from 1,744 in Q3 2023. Management noted ongoing challenges from higher mortgage rates and inflation but highlighted growth in rentals and other segments as offsetting factors.
