eXp Realty continues its blistering pace of rapid agent growth to boost the profitability of eXp World Holdings as financial results were announced for the fourth quarter and the full year of 2019.
A big takeaway in this earnings report is that this is eXp’s first profitable quarter since being listed on Nasdaq in 2018. In the fourth quarter of 2019, revenue increased 82% to $274 million, compared to $150 million in the fourth quarter of 2018. For the entirety of 2019, eXp posted record revenue of $980 million, which is an increase of 96% year-over-year from $500 million in 2018.
Watch and listen to eXp World Holdings Executive Vice President, Finance and Growth, RJ Jones, summarize the results in the video below.
It’s no surprise that based on eXp’s unique and financially beneficial business model that the number of agents who join eXp continues to soar. eXp ended the year with 25,423 agents, which is an increase of 63% year-over-year. As a comparison, at the end of 2018, the agent/broker count at eXp was 15,570. As of Feb. 29, eXp had 27,460 agents around the world.
“We also expect eXp Realty to continue to add agents at levels above what competing national brokerages are experiencing and anticipate increased adoption of our affiliated services businesses by eXp Realty agents as well as additional international expansion,” said eXp World Holdings CFO and Chief Collaboration Officer Jeff Whiteside. “We have a long runway ahead of revenue growth and profitability with the right team in place to meet those goals.”
VirBELA, eXp World Holdings’ technology company whose software created eXp World and produces next-generation remote collaboration, is also gaining prominence. It is just starting to attract attention for how its remote workplace platform can be used for other businesses.
“VirBELA’s potential is great and we’re really excited about the impact it can have — not only in business but on the lives of people in general,” said Jones.
To get more details on eXp’s financial results for Q4 of 2019 and full-year results, 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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