eXp Realty, and its parent company eXp World Holdings, had a great Q3 2019. Year-to-year revenue growth hit nearly +80% to the tune of $282M and net losses diminished to $1.8M from $4.6M in Q3 2018.
Breaking down all of these numbers, the Q3 2019 earnings report for eXp World Holdings posted
- expanded gross margins
- compressed net losses
- grew its adjusted earnings (before interest, tax, depreciation and amortization
- beat the consensus estimate of $0.09/share loss to $0.03/share loss
- beat the consensus revenue expectation by nearly $8M.
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eXp World Holdings CFO and chief collaboration officer, Jeff Whiteside, said, “In addition to revenue growth of nearly 80% y/y this quarter, improvement in managing our allocation of capital enhanced our measure of profitability.”
eXpRealty was also on the plus side in the following areas:
– Agents and brokers grew +66% y/y to 23,034.
– Transaction sides increased +66% y/y to 38,567.
– Transaction volume increased +79% y/y to $11.1B.
– eXp launched its Partner Network to connect agents and their clients with mortgage, moving, title, and escrow services in order to ease/simplify the home buying process.
– VirBELA, vendor of eXp Realty’s virtual brokerage platform, owned by eXp World Holdings, secured a number of new government contracts thus increasing its revenue stream.
Glenn Sanford, CEO of eXp World Holdings, summarized the good feelings generated by the company’s latest quarterly earnings report by saying, “Rapid growth of eXpRealty continued this quarter. The most agent-centric real estate brokerage on the planet is increasingly attracting and retaining agents who want the freedom, convenience and control over their long-term destinies that our unique model provides. We remain laser focused on delivering an exceptional agent experience, which enables our agents to accomplish what they set out to do with their businesses.”
Thanks to InmanNews for source data.