By EXp Rakes In $1B In Revenue, Sees Soaring Agent Count
The virtual brokerage now boasts 58,263 agents and brokers, a jump of 87 percent year over year, according to a Q2 earnings report released Wednesday.
EXp World Holdings, the parent company of eXp Realty, revealed Wednesday that its revenue shot up 183 percent in the second quarter of the year, while its total agent count climbed 87 percent.
Those figures come from the company’s latest earnings report, which showed that it hauled in a total of $1 billion in revenue — a record for eXp — between April and June. That’s 183 percent above what it did in the second quarter of 2020, and helped the company hit a total of $37 million in profit.
The firm’s earnings per share were $0.24, which blew away analyst expectations that the company would only bring in $0.05 per share and handily surpassed last year’s haul of $0.06 per share. Investment analytics firm Zacks described these results Wednesday as an “earnings surprise of 380 percent.”
The report also showed that eXp now has 58,263 agents and brokers, a jump of 87 percent year over year, and that those agents completed 115,431 deals in the second quarter, an increase of 164 percent compared to the same period in 2020. In total, eXp did $40.1 billion in volume, a year-over-year jump of 210 percent.
Glenn Sanford
In the report, company founder eXp World Holdings CEO Glenn Sanford said that his company manages to attract top agents and brokers “by iterating and improving the overall value proposition for real estate professionals.”
“By extension, our substantial growth in agent count translated to exponential growth in transaction sides and volume closed,” Sanford continued. “We are also continuing to focus on creating a quality community for highly productive individuals and teams both online and in real-life events around the world. It is gratifying to see eXp’s brokerage model support the careers of so many and is highly rewarding for me personally as well as our overall management team.”
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