With back-to-back profitable quarters for eXp World Holdings, the company continues to chart spectacular growth thanks to CEO, Chairman and Founder Glenn Sanford’s foresight in creating a virtual workplace.
For the first quarter of 2020, eXp’s revenue increased 73% to $271 million, compared to $157 million in the first quarter of 2019. This comes on the heels of a stellar fourth quarter of 2019 when revenue increased 82% to $274 million, compared to $150 million in the fourth quarter of 2018.
Watch and listen to eXp World Holdings Executive Vice President, Finance and Growth, RJ Jones, summarize the results in the video below.
eXp’s successive quarters of robust earnings are mainly attributable to eXp Realty’s innovative business model, which continues to attract agents at an extraordinary pace year-over-year, concluding the end of Q1 2020 with 28,449 agents, compared to 17,929 a year ago, which is a 59% increase.
Working remotely is nothing new for eXp agents and staff — it has done so since 2009 — but with seismic workplace changes brought on by social distancing and other actions for containing the coronavirus pandemic, the value of a cloud-based workplace has soared. For the first time in eXp history, the annual eXp Shareholder Summit will be held virtually in eXp’s campus starting May 12.
“As we navigate and eventually emerge from this crisis, eXp is uniquely positioned to adapt,” said eXp World Holdings CFO and Chief Collaboration Officer Jeff Whiteside. “In VirBELA, we have one of the few platforms that support people and teams working together seamlessly without ever needing to leave their homes.”
And not surprisingly, VirBELA’s next-generation software, which promotes remote collaboration, is quickly attracting many new businesses and clients to help keep people working at a safe distance.
“As we move deeper into 2020, it will no doubt be a volatile year for many industries,” said Sanford. “The backdrop of the global health crisis will change how people will work together and even how they socialize. It has the potential of changing how consumers approach the home-buying and -selling process. And beyond real estate, there will be a number of enterprises that adopt a virtual workplace in the way the global eXp family already works together, which we are excited about.”
To get more details on eXp’s financial results for Q1 of 2020, read the press release here.
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Safe Harbor Statement
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. These statements include, but are not limited to, statements about the continued growth of our agent and broker base; expansion of our residential real estate brokerage business into foreign markets; and revenue growth and financial performance. Such forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to revise or update them. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K.
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