eXp World Holdings, the holding company for eXp Realty, reported a 183% increase in revenue compared to the same quarter last year. Revenue for the quarter reached a record $1 billion.
Gross profit also increased to $79.9 million, while net income increased 350% to $37 million. Earnings per diluted share increased 300% to $0.24.
“Achieving the milestone of $1 billion in revenue during the second quarter is a testament to all of the forward-thinking agents leveraging our unique brokerage model,” said Jeff Whiteside, CFO and Chief Collaboration Officer of eXp World Holdings. “Through continued cash flow generation and diligent management of our balance sheet, we maintain the flexibility to invest in our platform while returning value to our shareholders through stock buybacks and dividends. As we continue to scale in the U.S. and globally, this strategic approach to capital allocation will enable us to maintain a strong competitive position while capitalizing on multiple growth avenues across our business.”
The company’s number of agents and brokers increased 87% to 58,263, in part due to the company’s continued international expansion, including the launch of Colombia, Spain and Israel within the quarter.
Residential and commercial transaction sides closed increased 164% to 115,431, and completed residential and commercial transaction volume increased 210% to $40.1 billion.
“This quarter reflects that by iterating and improving the overall value proposition for real estate professionals, we continue to attract top agents and brokers to the eXp platform and expand into new countries around the world at an accelerated pace,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “By extension, our substantial growth in agent count translated to exponential growth in transaction sides and volume closed. We are also continuing to focus on creating a quality community for highly-productive individuals and teams both online and in real-life events around the world. It is gratifying to see eXp’s brokerage model support the careers of so many and is highly rewarding for me personally as well as our overall management team. Our decision as a board to declare a cash dividend is also a testament to how our agent-centric model has continued to mature and grow.”