eXp World Holdings Releases Record Preliminary Revenue for Third Quarter 2018
Q3 2018 Revenue Expected to Grow 231% to $157 Million, Residential Transaction Volume Expected to Grow 239% to $6.2 Billion
BELLINGHAM, Wash., Nov. 06, 2018 (GLOBE NEWSWIRE) -- eXp World Holdings, Inc. (NASDAQ: EXPI), the holding company for eXp Realty, the largest residential real estate brokerage by geography in North America, today reported preliminary financial results for the third quarter ending Sept. 30, 2018.
Q3 2018 Preliminary Revenue Results
Estimated revenue for the third quarter of 2018 is expected to be $157 million, an increase of 231% when compared to revenue of $47.4 million in the third quarter of 2017. Sequentially, this represents estimated revenue growth of 20% when compared to revenue of $130.5 million in the second quarter of 2018.
Q3 2018 Preliminary Residential Transaction Volume
Estimated residential transaction volume closed in the third quarter of 2018 is expected to be $6.2 billion, an increase of 239% when compared to residential transaction volume of $1.8 billion in the third quarter of 2017. Sequentially, this represents estimated residential transaction volume growth of 16% when compared to residential transaction volume of $5.3 billion in the second quarter of 2018.
These figures are tentative third-quarter 2018 results based on the most current information available as the company’s independent auditors have not yet completed their review of the interim financial statements as of and for the period ended Sept. 30, 2018. Complete financial results for the third quarter 2018 are expected to be released after the market closes on Monday, Nov. 12, 2018.
Management Commentary
“Our estimated preliminary revenue of $157 million in the third quarter of 2018 is a direct result of our entire eXp Realty team iterating around the agent value proposition, which resulted in both tremendous agent growth as well as transaction and sales volume levels during the quarter,” said Glenn Sanford, Founder, CEO and Chairman of eXp World Holdings. “As we continue to think about the various opportunities that this scale opens for us, we will continue to invest in core platform technologies in support of all of our amazing agents and brokers who choose to build their real estate business at eXp.”
About eXp World Holdings, Inc.
eXp World Holdings, Inc. (NASDAQ: EXPI) is the holding company for eXp Realty, LLC, the largest residential real estate brokerage by geography in North America. eXp Realty (exprealty.com) is changing the way that agents, brokers and consumers work together in an adaptive, sustainable environment. As the leading, national, cloud-based real estate brokerage, eXp Realty provides 24/7 access to collaborative tools, training and socialization for real estate brokers and agents through its virtual campus environment. It is one of the fastest growing real estate brokerage firms in North America with more than 14,000 agents in 50 U.S. states, the District of Columbia and three Canadian provinces. As a publicly traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.
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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. Such forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the company’s expansion, revenue growth, operating results, financial performance and net income changes. 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 Annual Report on Form 10-K.
Investor Relations Contact: Greg Falesnik Managing Director MZ Group – MZ North America 949-385-6449
