eXp World Holdings, the holding company for eXp Realty, announced its first quarter 2024 financial results, reporting revenue of $943 million, an 11% increase year over year. Net loss during the quarter was $15.6 million, compared to a net income of $1.5 million in the first quarter of 2023.
Agents and brokers on the eXp Realty platform dipped by 2% year over year while transactions increased 8%.
“During the first quarter, our agents closed over $37 billion of transactions, a 12% year-over-year increase, underscoring eXp’s unparalleled scale in the cloud brokerage market we pioneered,” said Glenn Sanford, eXp World Holdings Founder, Chairman and CEO. “We continue to provide our agents with the industry’s best platform for growth and the resources they need to navigate today’s dynamic real estate market. Under Leo Pareja’s leadership, I am confident that eXp Realty will extend its leadership position in the coming years and continue to redefine what it means to be the most agent-centric real estate brokerage on the planet.”
The company ended the quarter with cash and cash equivalents of $109.2 million, down from $122.8 million in the same quarter last year. This was in part due to the company’s repurchase of approximately $33 million of common stock during the quarter.
