eXp Realty Parent Posts Record Second Quarter Revenue of 1.4 Billion
eXp World Holdings, parent of eXp Realty, said second-quarter 2022 revenue rose 42 percent to 1.415 billion dollars. Gross profit rose 34 percent to 107.3 million dollars. Net income was 9.4 million dollars, or 6 cents per diluted share, versus 37.0 million dollars a year earlier. Adjusted EBITDA was 26.9 million dollars. Agents and brokers on the platform rose 42 percent to 82,856, with closed transactions up 30 percent and volume up 44 percent to 57.9 billion dollars.
Founder, chairman, and chief executive Glenn Sanford said the model continued to take share in all market conditions. The company repurchased about 50 million dollars of stock in the quarter, ended June 30 with 134.9 million dollars in cash, and declared a third-quarter cash dividend of 4.5 cents per share. Leadership additions included a chief information officer, a president of affiliated services, and a new eXp Realty chief operating officer.
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