In the second quarter of 2023, eXp World Holdings faced a difficult market environment, characterized by persistently weak real estate sales. The company’s overall revenue was down 13% from the same period in 2022, coming in at $1.2 billion. The faltering growth was partially offset by a rapid increase in eXp World Holdings’ other income, which went up to $58 million from a mere $9 million in the previous year.
The weak sales marked the third quarter in a row of slow revenue growth for the company. Although it added over 41 thousand new agents and experienced a 9% jump in closed transactions, these developments were unable to make up for the lower-than-anticipated revenue. Despite the financial strain, the company’s gross margin rate still managed to increase slightly, suggesting there are signs of hope in spite of the decline in sales.
Important Elements:
• eXp World Holdings’ revenue declined 13% to $1.2 billion in the second quarter
• Other income increased to $58 million year-over-year
• 41 thousand new agents were added
• Closed transactions rose 9%
• Gross margin rate slightly increased
You can read this full article at: https://www.housingwire.com/articles/exp-makes-a-9-4m-profit-in-q2-despite-headwinds/(subscription required)
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