Q3 2024 Redfin Corp Earnings Call Transcript
Key Points
- Redfin Corp (RDFN) reported a 3% year-over-year increase in third-quarter revenues, reaching $278 million.
- The company achieved its third consecutive quarter of organic revenue growth.
- Redfin Corp (RDFN) is seeing improvements in its mortgage segment, with revenue up 8% year-over-year and gross margin increasing from 10% to 15.2%.
- The rentals segment posted its eighth straight quarter of growth, with revenue increasing by 9%.
- Redfin Corp (RDFN) plans to significantly increase advertising spending from 2024 to 2025, aiming to capitalize on a potentially improving housing market.
- Redfin Corp (RDFN) experienced a larger-than-expected full-year loss, with fourth-quarter guidance indicating an adjusted loss between $15 million and $22 million.
- The company's adjusted EBITDA profits of $4 million were at the bottom of their guidance range, partly due to $4 million in unexpected one-time expenses.
- The share of home sales brokered by Redfin Corp (RDFN) agents fell by two basis points year-over-year in the third quarter.
- Redfin Corp (RDFN) reported a net loss of $34 million for the third quarter, compared to a net loss of $19 million in the prior year.
- The company's real estate services revenue decreased by 1% year-over-year, with a decline in brokerage revenue per transaction.
Good day. Ladies and gentlemen and welcome to Redfin Corporation Quarter three 2024 earnings conference call. (Operator Instructions) It is my pleasure to turn the floor over to your host, Meg Nunnally, head of Investor Relations, ma'am. The floor is yours.
Thank you. Good afternoon and welcome to Redfin's Financial results conference call for the third quarter ended September 30th 2024. I'm Meg Nunnally Redfin's head of Investor Relations. Joining me on the call today is Glenn Kelman, our CEO and Chris Nielsen, our CFO.
Before we start note that some of our statements on today's call are forward-looking. We believe our assumptions and expectations related to these forward-looking statements are reasonable, but our actual results may turn out to be materially different. Please read and consider the risk factors in our sec filings together with the content of today's call.
Any forward-looking statements are based on our assumptions today and we don't undertake to update these statements in
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