eXp’s Agents Helping to Drive Company’s Success Despite COVID-19 Challenges
eXp is on a streak – a streak of profitability and growth, that is.
At a time of extreme uncertainty due to the COVID-19 outbreak, eXp World Holdings recorded its most profitable quarter ever for Q2 2020, which also marks the third straight quarter of positive net income.
eXp continues its impressive march upward as its quarterly revenue grew 33% year-over-year to $354 million, compared to $267 million in the second quarter of 2019. eXp World Holdings is the parent company of eXp Realty, Showcase IDX and VirBELA.
While the foundation of eXp’s success can be attributed to the company’s cloud-based platform and generous revenue model, it’s the top-producing agents who continue to be drawn to the company, who in turn help drive transactions and increased sales volume to give eXp its remarkable quarterly results. And despite this unprecedented time of doing business amid a global pandemic, eXp agents continue to attract other top talent, keeping the cycle of success moving. Meanwhile, VirBELA’s innovative virtual workplace product continues to attract new businesses as the idea of working remotely as a permanent solution is quickly gaining traction.
“Due to the performance of our agents and the power of our cloud-based brokerage model, eXp Realty achieved exceptional results with strong growth in all areas, despite initial impacts on the housing market from business restrictions related to COVID-19,” said eXp World Holdings CEO, Chairman and Founder Glenn Sanford. “eXp Realty always has pursued the minimum footprint required to operate and was able to more easily reduce expenses due to the pandemic, something that traditional brick-and-mortar brokerages and franchises were unable to realize. During the quarter, agents continued to join us at the highest rate in the industry due to our overall value proposition and the ability to support them in the current environment, ending the quarter with more than 31,000 agents.
“VirBELA expanded quickly during the quarter to keep up with demand as companies look to the future and how they will operate given all the uncertainties around physical office set-ups or how to hold events. We are engaged with hundreds of new and prospective clients, and VirBELA is positioned to substantially benefit from the global shift to remote work and events.”
eXp’s phenomenal success comes on the heels of the announcement of acquiring Showcase IDX, a real estate search platform widely used by consumers and real estate agents. Also, eXp is expecting to broaden its international footprint with more countries anticipated to be announced before the end of the year.
Join an Investor Q&A With CEO Glenn Sanford and CFO Jeff Whiteside
Learn more about eXp’s record-breaking quarter during an investor Q&A with CEO Glenn Sanford and CFO Jeff Whiteside tomorrow, Thursday, Aug. 6 at 8 a.m. PT / 11 a.m. ET in the VirBELA Open Campus in the Auditorium. A livestream, as well as a replay of the event, will be available at expworldholdings.com/events. This event is open to investors, current shareholders and anyone interested in learning more about eXp World Holdings and its companies.
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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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