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.
• 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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