Third quarter earnings reports are rolling out, and we’re covering all the major real estate and mortgage brands for you. Next up: eXp.
eXp World Holdings just announced it’s Q3 earnings, and it was a very profitable quarter for the brokerage!
Per a company statement, eXp saw it’s revenue increase 97 percent compared to the third quarter of 2020, hitting an all-time high of $1.1 billion. The company’s gross profit increased 70 percent year-over-year to $79.5 million.
eXp’s net income increased 60 percent to $23.8 million, which included a $12.9 million income tax provision benefit.
“Our global community of real estate professionals continued to expand significantly in the third quarter, indicating our agent-centric model is increasingly resonating throughout the world,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “As we scale, our teams are equipped with value-added resources to unleash new methods of virtual collaboration and productivity. Being hyper-focused on feedback from our growing network of agents enables our successful entry into new verticals and markets.”
Also in today’s announcement, the company’s Board of Directors declared a cash dividend for Q4 2021 on Oct. 26, 2021. The dividend is expected to be paid on Nov. 29, 2021 to shareholders of record on Nov. 15, 2021.
In regards to talent, eXp announced that agents and brokers on the eXp Realty platform increased 82 percent to 65,269.