eXp World Holdings, Inc. (NASDAQ: EXPI) is engaged as a global real estate brokerage and technology holding company. The real estate company operates four brands under its holding model: eXp Realty, Virbela, Showcase IDX, and SUCCESS Enterprises. Overall, eXp World has a roster of over 60,000 agents across North America, the U.K., Australia, South Africa, India, Mexico, France, Portugal, Spain, Israel and more.
The real estate holding company’s stock has rallied 28% through early trading on Wednesday, August 4, 2021. Over the past three months, eXp World has seen average daily volume of 1.24 million shares. However, volume of 2.14 million shares or dollar volume of $95.08 million, has already exchanged hands through early trading on Wednesday.
Shares of eXp World are gaining after the company reported record second quarter 2021 financial results and declared a cash dividend for the first time. Revenues for Q2 2021 skyrocketed 183% to $1 billion, as net income surged 350% to $37 million on a year-over-year basis. The $0.04 per share cash dividend is expected to be payable on August 30, 2021 to shareholders of record as of August 16, 2021.
eXp World’s record results come as the company expanded its agent and broker headcount by 87% to 58,263, compared to the second quarter last year. Residential and commercial transactions saw growth of 164% to 115,431. Furthermore, the company officially expanded into Colombia, Spain and Israel during Q2 2021. Management says it is working on establishing operations in Germany and Japan by the end of 2021.
“Achieving the milestone of $1 billion in revenue during the second quarter is a testament to all of the forward-thinking agents leveraging our unique brokerage model,” said Jeff Whiteside, CFO and Chief Collaboration Officer of eXp World Holdings. “Through continued cash flow generation and diligent management of our balance sheet, we maintain the flexibility to invest in our platform while returning value to our shareholders through stock buybacks and dividends. As we continue to scale in the U.S. and globally, this strategic approach to capital allocation will enable us to maintain a strong competitive position while capitalizing on multiple growth avenues across our business.”
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