eXp World Holdings, the mum or dad firm of eXp Realty, introduced its first quarter monetary outcomes for 2023, posting a 16% decline in income from the identical interval final yr to $850.6 million. Gross revenue was additionally down 12% to $73.1 million with a web revenue of $1.5 million. Adjusted EBITDA was $13.3 million.
Brokers and brokers on the eXp Realty platform elevated by 12% to 87,327 in the course of the quarter, with actual property transactions closed and transaction quantity lowering by 10% and 20% respectively.
“Throughout the first quarter, the monetary advantages of our variable price mannequin have been obvious as we generated optimistic web revenue and over $39 million of working money circulation regardless of the worldwide residential actual property market downturn,” stated Jeff Whiteside, eXp World Holdings CFO and Chief Collaboration Officer. “Our Worldwide Realty phase had a file income quarter with 52% year-over-year development, and we stay targeted on driving sturdy, worthwhile development throughout the eXp World Holdings portfolio.”
The corporate ended the quarter with money and money equivalents of $122.8 million, down from $130.1 million throughout the identical interval final yr.
