As the world worked from home in 2020, the parent company of the virtual cloud-based brokerage saw revenue grow 84 percent.
EXp World Holdings, the parent company of the virtual cloud real estate brokerage eXp Realty, saw revenue and growth continue to explode in 2020, according to preliminary, unaudited earnings numbers the company released nine days ahead of its actual earnings release.
In the fourth quarter of 2020 alone, eXp World Holdings expects to report that revenue increased 122 percent, to $609 million. For the entire year, the company anticipates revenue increased 84 percent year over year, to $1.8 billion.
The company expects its fourth-quarter net income to increase to $7.7 million after posting just $800,000 in net income in the fourth quarter of 2019. For the full year, the company expects a huge swing in profitability, posting a net income of $31 million compared to a loss of $9.6 million in 2019.
“Our record revenue and profit in 2020, which accelerated in the fourth quarter of 2020, was driven by our growing base of the best agents in the world that continue to capitalize on the strength of the residential real estate market,” Glenn Sanford, the founder, chairman and CEO of eXp World Holdings said in a statement.
“With global operations, our unique, cloud-based platform has provided agents a significant competitive advantage in the real estate industry,” Sanford added.
The company’s agent count increased to 41,313, putting the company near both Realogy Brokerage Group and HomeServices of America in terms of biggest agent count for a brokerage in the U.S.
The company’s agents closed 238,981 total transactions in 2020, an increase of 77 percent over the previous year. In the fourth quarter alone, eXp Realty’s agents closed 82,055 transactions, an increase of 113 percent from the year prior.
The company’s stock price also rose rapidly in 2020. At this time last year, the company’s stock was trading at around $4 per share. As of markets open Tuesday, the company’s stock was trading at nearly $70 per share, following the company’s two-for-one stock split.
EXp World Holdings is set to release its full-year and fourth-quarter earnings results on March 11, with an accompanying virtual fireside chat.