Business
eXp World Holdings Reports First-Quarter Financial Results
Achieved Positive Net Income for Second Quarter in a Row Revenue Up 73% Year-over-year to $271 MillionAnnounces First Virtual Annual Shareholder Event
About this update from Exp World Holdings, Inc.
[{"type":"text","content":"Achieved Positive Net Income for Second Quarter in a Row Revenue Up 73% Year-over-year to $271 MillionAnnounces First Virtual Annual Shareholder Event\n BELLINGHAM, Wash., May 05, 2020 (GLOBE NEWSWIRE) -- eXp World Holdings, Inc. (Nasdaq: EXPI), the holding company for eXp Realty and VirBELA, today announced financial results for the first quarter ended March 31, 2020 and that this year’s eXp shareholder event will be held May 12 in its virtual campus for the first time. The company reported its second profitable quarter in a row with net income of $0.2 million in the first quarter. In addition, quarterly revenue grew 73 percent versus the prior year driven by continued rapid agent growth and increased transactions. eXp Realty continues to attract agents at the highest rate in the industry because the cloud-based remote model is very appealing to agents and independent brokerages, especially during this challenging time. “Our performance in the first quarter was outstanding,” said eXp World Holdings CEO, Chairman and Founder Glenn Sanford. “We recorded GAAP positive net income in the first quarter of 2020, achieving back-to-back quarters with positive GAAP earnings for the first time. This milestone represents continued progress around the benefits of scale, operating as a fully remote organization, while at the same time investing in the underlying VirBELA platform to create similar benefits for other companies who are now trying to figure out how to operate in the current and post global pandemic world. “As we move deeper into 2020, it will no doubt be a volatile year for many industries. The backdrop of the global health crisis will change how people will work together and even how they socialize. It has the potential of changing how consumers approach the home-buying and -selling process. And beyond real estate, there will be a number of enterprises that adopt a virtual workplace in the way the global eXp family already works together, which we are excited about.” First-Quarter 2020 Financial Results Summary Revenue increased 73% in the first quarter of 2020 to $271 million, compared to $157 million in the first quarter of 2019.Gross profit grew 93% to $28.0 million in the first quarter of 2020, compared to $14.5 million in the first quarter of 2019. Gross profit is calculated as revenues less commission and other agent-rela...