The company generated $943 million in revenue from January to March this year, but the agent count decreased to 85,780 by the end of the quarter. eXp World Holdings announced its earnings report for the first three months of 2024, revealing a 2% decrease in agent count compared to the previous year. This trend of declining agent count has been attributed to non-productive agents exiting the platform. The company remains focused on providing resources to agents for navigating the real estate market. Changes have been made to the revenue-share program to stimulate agent count growth.
Despite the decline in agent count, revenue for Q1 increased by 11% to $943 million. However, the company reported a net loss of $15.6 million due to factors like rising home prices and increased agent productivity. eXp’s CEO expressed optimism about future growth under new leadership. Shares in the company showed a slight increase following the earnings report.
eXp is facing commission lawsuits, but has not settled like other major companies. CEO Glenn Sanford hinted at a potential settlement if it makes sense for the company. The company’s market cap was approximately $1.54 billion as of the latest report.
eXp World Holdings reported earnings for the first three months of 2024, revealing a revenue of $943 million. However, the number that stood out the most was the agent count, which had decreased to 85,780 by the end of March, representing a 2 percent drop from the previous year. This decline in agent count was attributed to the exiting of non-productive agents, who were behind on their fees and not generating sales. In an effort to stimulate agent count growth, eXp introduced changes to its revenue-share program, including new bonuses and modifications to accelerate agent earnings. Despite the drop in agent count, revenue for Q1 increased by 11 percent year over year, reaching $943 million. The company also reported a net loss of $15.6 million, which included an antitrust litigation contingency provision of $16 million. Despite these challenges, CEO Glenn Sanford expressed optimism about the company’s future under the leadership of the newly appointed CEO of subsidiary eXp Realty, Leo Pareja. Shares in eXp showed a slight increase following the earnings report, with a market cap of about $1.54 billion. Sanford also addressed ongoing commission lawsuits, stating that eXp may consider a potential settlement if it is deemed beneficial for the company. Overall, eXp remains focused on expanding its agent base and strengthening its position as an agent-centric real estate brokerage.
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