Business
eXp World Holdings Reports Third-Quarter 2019 Financial Results
Revenue Up Nearly 80% Year-over-year to Record $282 MillionNumber of Agents and Brokers Increased 66% Year-over-year to 23,034Improved Performance Across All
About this update from Exp World Holdings, Inc.
[{"type":"text","content":"Revenue Up Nearly 80% Year-over-year to Record $282 MillionNumber of Agents and Brokers Increased 66% Year-over-year to 23,034Improved Performance Across All Measures of Profitability\n BELLINGHAM, Wash., Nov. 06, 2019 (GLOBE NEWSWIRE) -- eXp World Holdings, Inc. (NASDAQ: EXPI), the holding company for eXp Realty and eXp World Technologies, today announced financial results for the third quarter ended Sept. 30, 2019. “Our performance in the third quarter was excellent,” said eXp World Holdings CEO, Chairman and Founder Glenn Sanford. “eXp Realty is continuing to be the go-to destination for agents and brokers who want to establish and grow their businesses on the most beneficial, tech-driven platform available. We have a defensible business model that is not dependent on bricks and mortar, and gives agents and staff the ability to be highly connected and productive. eXp provides a great value proposition where people can work from anywhere in our cloud office environment and still do everything they used to physically have to go into a traditional office for.” Third-Quarter 2019 Operating and Business Highlights The number of agents and brokers on the eXp Realty platform increased by 66% to 23,034 at the end of the third quarter of 2019, compared to 13,859 at the end of the third quarter of 2018.Residential transaction sides closed in the third quarter of 2019 was 38,567, an increase of 66%, compared to 23,219 during the third quarter of 2018.Residential transaction volume closed in the third quarter of 2019 was $11.1 billion, an increase of 79%, compared to $6.2 billion during the third quarter of 2018.By continuing to focus on the agent eXperience, eXp Realty earned a 61 agent Net Promoter Score, which measures agent satisfaction, in the third quarter.VirBELA won new government contracts and worked through the pre-launch stage of releasing a new team-based product.Launched eXp Preferred Partners, a program that provides eXp Realty agents and their clients with a marketplace for home-buying and selling services.John Tobison was named Chief Information Officer to lead technology and innovation for eXp World Holdings and its companies.Raymond “RJ” Jones was named Executive Vice President, Finance and Growth, of eXp World Holdings, where he will create value in various areas of the business. “Rapid growth of eXp Realty continued t...