Second quarter results are in for proptech’s public companies. We’re back at it, with high-level summaries of the ten companies we deem as the most important players in the broader category…

• Airbnb
• Blend Labs
• Compass
• CoStar
• eXp World Holdings
• NewsCorp / Realtor.com
• Opendoor
• ProCore
• Redfin
• Zillow

Plus, a table view covering the top twenty eight companies, including:

• Angie’s List
• AppFolio
• Invitation Homes
• Nextdoor
• Matterport
• Offerpad
• Porch
• Real Brokerage
• SmartRent
• Vacasa

There is a table covering the top 28 companies in our wrap-up. The quarter featured record earnings, but many companies signaled an overall weaker economy and lowered future expectations. Oh, and Redfin’s CEO said that if interest rates don’t fall, their plan B is to hunker down, stay in the foxhole, and drink their own urine or their competitors’ blood to keep the company afloat… setting the tone for what could be a devastating Q3.

Without further ado, let’s get into the numbers…

Here’s what you can expect in the report, with our coverage of Airbnb…

Airbnb’s earnings announcement had a positive topline report, but showed signs of margin contraction and warned of slower than normal demand in Q3. Both revenue and gross booking volume increased 11% YoY, coming in at $2.75B and $21.2B, respectively. Average daily rate increased 2% YoY to $170 across the 125.1M nights and experiences booked for the quarter, an increase of 9% YoY.

Market Cap: $73.93B

Notable Takeaways:

• Net income was $555M, decreasing 14.6% YoY from $650M in Q2 FY2023. Management attributes this decrease primarily due to a $100M increase in taxes “resulting from the release of a valuation allowance on certain deferred tax assets in 2023 and the utilization of some of those assets in 2024,” however, operating expenses increased 14.7% YoY, with product development and sales and marketing increasing the most on a percentage basis.
• Net income margin decreased 6% YoY to 20%.
• Q2 free cash flow increased 16% YoY to $1B, enabling the company to repurchase $749M worth of common stock during the quarter.
• Nights booked for groups over 5 people in North America increased 16% YoY (the fastest growth segment, Latin America increased 17% YoY, and a 19% increase YoY in the Asia Pacific region.
• Saw a 25% YoY growth in app downloads.
• Take rate (revenue/gbv) of 13% was flat YoY, but the introduction of an additional service fee for cross-currency billings, will increase the overall take rate by roughly 20 bps.
• Q3 guidance set between $3.67B and $3.73B in revenue representing 8%-10% YoY growth, with moderate average daily rate increases. However, demand from some North American guests is slowing and shorter booking lead times is expected.
• The Olympics have had an impact: More than 400,000 guests are expected to stay in Paris for the Olympics, with supply growth increasing over 37% YoY. Nights booked in Paris up to June 30th (nearly a month before the games began) have doubled YoY.

Learn More: Inman // PhocusWire // Shareholders Letter // Investor’s Business Daily // CNBC

There are nine more company summaries in the link below, plus a wrap-up that includes the full table view of twenty eight companies.

Read the full report by joining GEM Crystal

If you’d like to receive future earnings summaries in their entirety, please sign up to our GEM Crystal tier.