RealPage (NASDAQ:RP) expects Q2 revenue of $93.8M-$94.8M, far below a $107.2M consensus. Adjusted EBITDA is expected to be in a range of $11.5M-$12.5M vs. prior guidance of $25M-$25.5M.
The company mostly blames weak demand for products/services related to leasing activity. RealPage believes "owners are spending less in marketing and advertising due to low vacancy and resident turnover rates."
In addition, revenue tied to RealPage's renter's insurance solutions business "declined significantly."
Full Q2 results arrive on Aug. 4.