In comparison to the same quarter previous year, eXp World Holdings, the holding company for eXp Realty, reported a 183 percent rise in sales. The quarter’s revenue surpassed $1 billion for the first time.
Gross profit surged by 350 percent to $79.9 million, while net profit grew by 350 percent to $37 million. The diluted earnings per share climbed by 300 percent to $0.24.
Exp World Holdings’ CFO and Chief Collaboration Officer, Jeff Whiteside, said, “Achieving the milestone of $1 billion in sales during the second quarter is a testament to all of the forward-thinking agents leveraging our unique brokerage model.” “We preserve the ability to invest in our platform while returning value to our shareholders through stock buybacks and dividends by continuing to generate cash flow and diligently managing our balance sheet. This strategic approach to capital allocation will enable us to maintain a strong competitive position while leveraging on many development opportunities across our business as we continue to scale in the United States and globally.”
The number of agents and brokers at the company expanded by 87 percent to 58,263, thanks in part to the company’s continuous worldwide expansion, which included the addition of Colombia, Spain, and Israel to the company’s portfolio during the quarter.
The number of completed residential and commercial deal sides climbed by 164 percent to 115,431, and the total volume of completed residential and commercial transactions increased by 210 percent to $40.1 billion.
“We continue to recruit top agents and brokers to the eXp platform and expand into new countries around the world at an accelerated pace by iterating and strengthening the total value offer for real estate professionals,” said Glenn Sanford, Founder, Chairman, and CEO of eXp World Holdings. “As a result of our significant increase in agent numbers, we saw an exponential rise in transaction sides and volume closed. We’re also focusing on building a strong community for highly productive individuals and teams, both online and in live events throughout the world. It’s nice to watch eXp’s brokerage model help so many people advance in their professions, and it’s extremely satisfying for myself and our entire management team. Our board’s decision to pay a cash dividend is also a reflection of how our agent-centric business has evolved and grown.”
