Global real estate brokerage eXp announced mixed financial results for the third quarter of 2024, with revenue up 2% year-over-year but a net income loss of $6.5 million, mostly due to $18 million in antitrust settlement legal expenses, the company reported during an earnings call Thursday.
However, eXp’s adjusted net income reached $7.8 million, a significant improvement from the previous year. Adjusted EBITDA also grew 15% to $23.9 million, driven by increased efficiency and higher revenue, the company noted.
“We continue to operate the most innovative, agent-centric real estate brokerage on the planet, improving the agent value proposition by leveraging technology like generative AI to help eXp agents and employees work faster, better and smarter,” Glenn Sanford, eXp World Holdings founder, chairman and CEO, said during the call.
Despite a one-two punch of high mortgage rates and home prices continuing in Q3, eXp maintained a strong cash position of $130.4 million and repurchased $35 million of its common stock. While sales transaction volume rose 5% to $50.8 billion over a year ago, eXp’s agent count fell 4% to 85,249 year-over-year.
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