eXp First Quarter Revenue Rises 11 Percent but Posts Loss After 16 Million Antitrust Provision
BELLINGHAM, Wash., May 1, 2024 --
eXp World Holdings reported first-quarter 2024 revenue of 943 million dollars, up 11 percent from a year earlier, while posting a net loss of 15.6 million dollars, or 0.10 dollars per diluted share, after recording a 16 million dollar antitrust litigation contingency provision.
Adjusted EBITDA was 11.0 million dollars, down 24 percent. Agents closed more than 37 billion dollars of transaction volume, up 12 percent, and transaction sides rose 8 percent to 110,976, even as the agent count fell 2 percent to 85,780. Cash and cash equivalents were 109.2 million dollars at quarter end after about 33 million dollars of share repurchases.
Founder and Chief Executive Glenn Sanford and newly named eXp Realty Chief Executive Leo Pareja said agent productivity and platform investments supported market-share gains. Principal Financial Officer Kent Cheng said the company made progress on a 20 million dollar profit-improvement plan.
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