The company — which provides associates with equity and keeps costs low without brick-and-mortar offices — reported a gross profit of $11.5 million.
EXP World Holdings, parent company of the cloud-based real estate brokerage eXp Realty, reported its finalized third quarter 2018 earnings Tuesday. And per its estimates last week, the company is on a growth tear: eXp reported revenues of $157.2 million in Q3 2018, a 232 percent increase from the same quarter last year, beating the consensus of $134.6 million.
The Bellingham, Washington-based company — which provides associates with equity and also keeps costs low without any official bricks-and-mortar offices, instead gathering agents and brokers in its game-like, online virtual 3D environment eXp World — also reported a gross profit of $11.5 million, a 157 percent increase from last year.
However, the company’s expenses also rose to $161.8 million, up from $52.7 million last year, so it reported a net loss of $4.6 million altogether, or -$0.08 per diluted share, missing the -$0.06 of the Zacks Consensus estimate. That may be why eXp is currently trading down over 5 percent on the NASDAQ (ticker symbol EXPI) following the finalized earnings this morning.
Agent and broker count reached a new all-time high of 13,859 for the quarter across the U.S. and Canada, nearly tripling from last year’s 4,952.
The larger pool of agents is pulling in more total deals. EXp reported transaction volume worth $6.2 billion, a 240 percent increase over last year’s $1.8 billion for the same quarter, and increased transaction sides up to 23,218, a 211 percent increase from last year’s 7,456 sides. Both metrics also saw 17 percent growth from Q2 2018.
“This quarter we reported our highest quarterly revenue ever of more than $157 million as well as triple-digit-percent increases in transaction sales and volume, all of which are a direct result of our fantastic team of agents, brokers and staff who call eXp Realty home,” said eXp World Holdings, Inc. CEO, Chairman and Founder Glenn Sanford. “I am proud of all the great work everyone at eXp Realty is doing and it is great to see that it has translated into continued measurable, eXponential growth.”