Business
eXp World Holdings Reports Record Second-quarter Financial Results
Achieves Most Profitable Quarter in Company’s HistoryRevenue Up 33% Year-over-year to $354 Million BELLINGHAM, Wash., Aug. 05, 2020 (GLOBE NEWSWIRE) -- eXp
About this update from Exp World Holdings, Inc.
[{"type":"text","content":"Achieves Most Profitable Quarter in Company’s HistoryRevenue Up 33% Year-over-year to $354 Million\n BELLINGHAM, Wash., Aug. 05, 2020 (GLOBE NEWSWIRE) -- eXp World Holdings, Inc. (Nasdaq: EXPI), the parent company for eXp Realty and VirBELA, today announced financial results for the second quarter ended June 30, 2020. eXp World Holdings reported its most profitable quarter in its history with net income of $8.3 million in the second quarter, which represents continued progress toward the company’s goal of achieving positive earnings for a fiscal year. In addition, quarterly revenue grew 33% year over year to $354 million driven by eXp Realty’s continued strength in agent count and transactions during an unprecedented time for the real estate industry and the global economy. “Even in these uncertain times, eXp Realty continued to deliver on its value proposition to agents, brokers and consumers and report record financial results. We achieved the most profitable quarter in the company’s more than 10-year history with a positive net income for the third quarter in a row,” said eXp World Holdings CEO, Chairman and Founder Glenn Sanford. “Due to the performance of our agents and the power of our cloud-based brokerage model, eXp Realty achieved exceptional results with strong growth in all areas, despite initial impacts on the housing market from business restrictions related to COVID-19. eXp Realty always has pursued the minimum footprint required to operate and was able to more easily reduce expenses due to the pandemic, something that traditional brick-and-mortar brokerages and franchises were unable to realize. During the quarter, agents continued to join us at the highest rate in the industry due to our overall value proposition and the ability to support them in the current environment, ending the quarter with more than 31,000 agents. “VirBELA expanded quickly during the quarter to keep up with demand as companies look to the future and how they will operate given all the uncertainties around physical office set-ups or how to hold events. We are engaged with hundreds of new and prospective clients, and VirBELA is positioned to substantially benefit from the global shift to remote work and events.” Second-quarter 2020 Financial Results Summary Revenue increased 33% in the second quarter of 2020 to $354 million, compared to $267 ...