Redfin (RDFN 3.53%)
Q1 2022 Earnings Call
May 05, 2022, 4:30 p.m. ET
- Prepared Remarks
- Questions and Answers
- Call Participants
Good day, and welcome to the Redfin Corporation’s first quarter 2022 earnings call. Today’s call is being recorded. At this time, I would like to turn the call over to Meg Nunnally, head of investor relations. Please go ahead.
Meg Nunnally — Head of Investor Relations
Good afternoon, and welcome to Redfin’s financial results conference call for the first quarter ended March 31, 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. We use a non-GAAP measure, adjusted EBITDA, when presenting our financial results.
We encourage you to review the non-GAAP reconciliation in today’s earnings release, which is available on our website at investors.redfin.com, for a complete understanding of this measure and its purpose. All comparisons made in the course of this call are against the same period in the prior year, unless otherwise stated. Lastly, we’ll 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 also be available soon after the call. With that, I’ll turn the call over to Glenn.
Glenn Kelman — Chief Executive Officer
Thank you, Meg, and hi to you, everyone. Redfin performed significantly better in the first quarter than expected. Overall revenue of $597 million was $37 million above the top of the range projected in our last earnings call. Our core business of brokering home sales or our employees and our partner agents generated $177 million in revenue, up 5% from the red-hot first quarter of 2021 and $6 million above the top of our range.
Our net loss of $91 million was $24 million better than our most optimistic projection. Redfin typically has its largest loss of the year in the first quarter, as we pay for agents to meet …….