eXp Third Quarter Revenue Rises 2 Percent to 1.2 Billion; Posts Loss on Antitrust Provision
BELLINGHAM, Wash., November 7, 2024 --
eXp World Holdings reported third-quarter 2024 revenue of 1.2 billion dollars, up 2 percent from a year earlier. Net loss from continuing operations was 6.5 million dollars, or 0.04 dollars per diluted share, after an 18.0 million dollar litigation contingency provision tied to its antitrust settlement; adjusted net income excluding that provision was 7.8 million dollars.
Adjusted EBITDA rose 15 percent to 23.9 million dollars. Agents and brokers on the eXp Realty platform fell 4 percent to 85,249 as the company continued to remove less productive agents, while transaction volume rose 5 percent to 50.8 billion dollars. Cash and cash equivalents were 130.4 million dollars, and the company repurchased about 35.0 million dollars of stock in the quarter.
Founder and Chief Executive Glenn Sanford pointed to planned international expansion into Turkiye, Peru and Egypt, while eXp Realty Chief Executive Leo Pareja said several high-producing independent brokerages and teams joined the platform during the quarter.
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