The company — which provides associates with equity and keeps costs low without brick-and-mortar offices — reported a gross profit of $11.5 million.

EXP World Holdings, parent company of the cloud-based real estate brokerage eXp Realty, reported its finalized third quarter 2018 earnings Tuesday. And per its estimates last week, the company is on a growth tear: eXp reported revenues of $157.2 million in Q3 2018, a 232 percent increase from the same quarter last year, beating the consensus of $134.6 million.

The Bellingham, Washington-based company — which provides associates with equity and also keeps costs low without any official bricks-and-mortar offices, instead gathering agents and brokers in its game-like, online virtual 3D environment eXp World — also reported a gross profit of $11.5 million, a 157 percent increase from last year.

eXp World CEO Glenn Sanford

eXp CEO Glenn Sanford | Credit: Glenn eXp World Holdings

However, the company’s expenses also rose to $161.8 million, up from $52.7 million last year, so it reported a net loss of $4.6 million altogether, or -$0.08 per diluted share, missing the -$0.06 of the Zacks Consensus estimate. That may be why eXp is currently trading down over 5 percent on the NASDAQ (ticker symbol EXPI) following the finalized earnings this morning.

Agent and broker count reached a new all-time high of 13,859 for the quarter across the U.S. and Canada, nearly tripling from last year’s 4,952.

The larger pool of agents is pulling in more total deals. EXp reported transaction volume worth $6.2 billion, a 240 percent increase over last year’s $1.8 billion for the same quarter, and increased transaction sides up to 23,218, a 211 percent increase from last year’s 7,456 sides. Both metrics also saw 17 percent growth from Q2 2018.

“This quarter we reported our highest quarterly revenue ever of more than $157 million as well as triple-digit-percent increases in transaction sales and volume, all of which are a direct result of our fantastic team of agents, brokers and staff who call eXp Realty home,” said eXp World Holdings, Inc. CEO, Chairman and Founder Glenn Sanford. “I am proud of all the great work everyone at eXp Realty is doing and it is great to see that it has translated into continued measurable, eXponential growth.”

Email Carl Franzen

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×