eXp Realty Parent Posts Record First Quarter Revenue of 1.0 Billion
eXp World Holdings, parent of eXp Realty, said first-quarter 2022 revenue rose 73 percent to a record 1.0 billion dollars. Net income was 8.9 million dollars, or 6 cents per diluted share. Adjusted EBITDA was 17.7 million dollars. Agents and brokers rose 55 percent to 78,196, closed transactions rose 55 percent to 114,305, and transaction volume rose 69 percent to 41.4 billion dollars.
Founder, chairman, and chief executive Glenn Sanford said agent growth continued despite housing-market headwinds. The board raised the stock-repurchase authorization to 500 million dollars and monthly buybacks to as much as 20 million dollars, and declared a 4-cent second-quarter dividend. Cash and cash equivalents were 130.1 million dollars at March 31.
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