Compass Q2 2022 Earnings Report
Key Takeaways
Compass, Inc. reported a 4% year-over-year increase in revenue to $2.0 billion for the second quarter of 2022. The company's GAAP net loss increased to $101 million, and it announced a new cost reduction program targeting $320 million in run rate savings. Market share increased to 4.6% on an LTM basis.
Revenue increased by 4% year-over-year to $2.0 billion.
Market Share on an LTM basis increased approximately 50 bps to 4.6% compared to prior year.
GAAP net loss was $101 million, compared to a loss of $7 million in Q2 2021.
A new cost reduction program was announced with approximately $320 million in target run rate savings.
Compass
Compass
Forward Guidance
Compass anticipates revenue between $1.4 to $1.5 billion and an adjusted EBITDA loss between $(85) to $(60) million for Q3 2022. For the full year 2022, Compass projects revenue of $6.15 to $6.45 billion and an adjusted EBITDA loss of $(225) to $(150) million.