Redfin Corporation (NASDAQ:RDFN) Q2 2022 Earnings Conference Call August 4, 2022 4:30 PM ET
Company Participants
Meg Nunnally - Head of Investor Relations
Glenn Kelman - Chief Executive Officer
Chris Nielsen - Chief Financial Officer
Conference Call Participants
Brian Mecke - Selman & Associates
Operator
Good day, and welcome to the Redfin Corporation Q2 2022 Earnings Conference Call. Today's conference is being recorded.
At this time, I'd like to turn the conference over to Meg Nunnally. Please go ahead, ma'am.
Meg Nunnally
Thanks, Cody. Good afternoon, and welcome to Redfin's financial results conference call for the second quarter ended June 30, 2022. 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 light of new information or future events.
On this call, we will present non-GAAP measures when discussing our financial results. We encourage you to review today's earnings release, which is available on our website at investors.redfin.com, for more information relating to our non-GAAP measures, including the most directly comparable GAAP financial measure and related reconciliation. All comparisons made in the course of this call are against the same period in the prior year, unless otherwise stated.
Lastly, we will be providing a copy of our prepared remarks on our website by the conclusion of today's call and a full transcript and audio replay will be also available soon after the call.
With that, I’ll turn the call over to Glenn.
Glenn Kelman
Thanks Meg, and hello, everyone. Redfin in the second quarter performed below the expectations we set in our last call, with revenue of $607 million compared to a projection of $613 million to $650 million. The shortfall was due to the largest rate hike in 35 years, which in June curtailed the second quarter lending revenues of Bay Equity, the lender we acquired in April, by $15 million.
Our net income was nonetheless in line with expectations after the exclusion of $10 million in restructuring costs for the 6% of our employees we laid off in June. The adjusted EBITDA loss was $29 million.