eXp World Holdings, the holding company for eXp Realty, announced its second quarter results for 2024, reporting revenue of $1.2 billion. The company attributes this boost to what it calls the “superior productivity” of its agents and increased home sale prices as the catalyst behind its ability to outperform the market and offset declines in US real estate.
Net income during the quarter was $11.8 million, up from $11.4 million in the same quarter of last year. Operating costs decreased by 4% to $79 million, driven by lower expenses for its virtual shareholder summit in 2024 and lower employee-related expenses, both of which were partially offset by increased legal expenses associated with the company’s antitrust lawsuit.
Second quarter adjusted EBITDA was $32.8 million, a 22% year-over-year increase created through improved business efficiencies, reduced cost and higher revenues and gross profit.
“The power of the eXp platform is paying off for our agents and eXp worldwide,” said Glenn Sanford, eXp World Holdings Founder, Chairman and CEO. “We believe the investments we’ve made to provide our agents with the best tools, technology and training during this downturn are helping them outpace the industry in productivity while increasing our agent NPS score. It’s clear that we have established the winning playbook for agents in the US while our International segment is an untapped opportunity where I have taken a more active role guiding our ongoing growth. Moving forward, we will continue to relentlessly pursue our core objective of being the most agent-centric real estate brokerage on the planet.”
The company ended the quarter with cash and cash equivalents of $108.4 million, down from $124.7 million in Q2 2023.