The brokerage lost $7M last quarter, a vast improvement over both the previous quarter and last year. The results earned plaudits from investors. Here’s what you need to know.
Compass took in nearly $2 billion in revenue between April and June of this year, a new high-water mark for the company. The brokerage also managed to vastly cut its losses, according to a new earnings report released on Monday.
For the second quarter, Compass earned $1.95 billion in revenue, which was up 186 percent year over year. Perhaps even more notably, Compass’ net loss during the second quarter of 2021 came in at $7.1 million. By comparison, the firm reported a net loss of $212 million in the first quarter, though that included a one-time payment of $149 million for stock-based compensation from the company’s April 1 initial public offering. During the second quarter of 2020, Compass experienced a net loss of more than $84 million.
In Monday’s report, company founder and CEO Robert Reffkin celebrated Compass’ agents.
“This past quarter Compass agents strongly outperformed their peers in one of the most competitive real estate markets in recent memory, delivering nearly $2 billion of revenue and $71 million of Adjusted EBITDA as the Compass platform continued to drive growth in agent productivity,” Reffkin said.
Compass stock spent most of Monday steadily climbing and was trading at around $15.28 per share when the markets closed. That was up from recent days when shares were trading at less than $13, but down compared to April, when the company’s shares first debuted and briefly fetched more than $20.
Compass shares spiked Monday in after hours trading after the company published its earnings.
Compass had a market cap of just over $6 billion as of the time the stock market closed Monday.