eXp Realty
August 3, 2023
BELLINGHAM, Wash., Aug. 3, 2023 --
eXp World Holdings, Inc., parent of eXp Realty, reported second-quarter 2023 revenue of 1.233 billion dollars, down 13 percent from a year earlier. Gross profit was 96.5 million dollars. Net income was 9.4 million dollars, or 0.06 dollars per diluted share, and adjusted EBITDA was 24.7 million dollars. Cash and cash equivalents were 124.7 million dollars.
Agents and brokers on the platform rose 7 percent to 88,248. Closed transactions fell 9 percent to 137,199 and transaction volume fell 16 percent to 48.6 billion dollars. International Realty revenue rose 35 percent to a record. The company repurchased about 48.8 million dollars of common stock in the quarter and declared a third-quarter cash dividend of 0.05 dollars per share.
Founder, chairman and chief executive Glenn Sanford said the cloud-based model and agent investments supported profitability despite lower residential transaction volume.