eXp Realty
May 2, 2023
BELLINGHAM, Wash., May 2, 2023 --
eXp World Holdings, Inc., parent of eXp Realty, reported first-quarter 2023 revenue of 850.6 million dollars, down 16 percent from a year earlier. Gross profit was 73.1 million dollars. Net income was 1.5 million dollars, or 0.01 dollars per diluted share, and adjusted EBITDA was 13.3 million dollars. Cash and cash equivalents were 122.8 million dollars.
Agents and brokers on the platform rose 12 percent to 87,327. Closed transactions fell 10 percent to 102,305 and transaction volume fell 20 percent to 33.2 billion dollars. International Realty revenue rose 52 percent to a record for the segment. The company repurchased about 29.9 million dollars of common stock in the quarter and declared a second-quarter cash dividend of 0.045 dollars per share.
Founder, chairman and chief executive Glenn Sanford said the cloud-based model and balance sheet allow continued investment in agent experience despite the residential real estate downturn.