Brokerages and lenders are rolling out their second quarterly earnings statements, giving a preview of how the cooling market is hitting the bottom line. eXp World Holdings is out with their report, pushing revenue and profit growth.
According to its Q2 earnings report, eXp saw a 42 percent increase in revenue annually to $1.4 billion, while gross profits increased 34 percent to $107.3 million.
Net income, however, was down more than $27 million annually to $9.4 million. In Q2 of 2021, eXp reported net income at $37 million.
“During the second quarter, eXp continued to increase its market share and revenue to record levels, reinforcing that our model was built for all market conditions and that our agent value proposition resonates around the world,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “We are focused on strengthening our platform to provide even better support to our agents through technology, operations, training, coaching and community. In the third quarter, we acquired Zoocasa, providing an exponential boost to Canadian agents that we expect to expand to a broader group of agents and real estate customers. We also further strengthened our management team with world-class hires focused on affiliated services and innovation of our proprietary technologies. We are leveraging our core strengths of agent satisfaction and innovation as we continue to redefine the real estate industry.”
Also of note, in Q2, agents and brokers on the eXp Realty platform increased 42 percent to 82,856 as of June 30, 2022. Those team members closed 150,032 transactions—up 30 percent. Real estate transaction volume also increased some 44 percent to $57.9 billion.