eXp World Holdings Inc. (EXPI), a company that offers real estate cloud software, recently announced its financial results for the second quarter of 2021. The US real estate market may be on the verge of significant change for the firm, which has performed well.
eXp World Holdings Inc. (EXPI) develops cloud software for the real estate industry. It operates in the Americas, Europe, and Asia-Pacific. As a result of the COVID-19 crisis, eXp World’s targeted markets have experienced significant changes, and the company has been successful in capitalizing on this.
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The company’s revenue grew by 183% year over year in the second quarter of 2021, reaching $1 billion. The company’s net income increased by 350% to $37 million, but the lower tax rate contributed $20.6 million to the increase. The stock of cash and equivalents reached $107.4 million. For the first time, eXp World Holdings Inc. (EXPI) announced its intention to pay dividends of $0.04 per share. This practice may continue as long as the positive dynamics persist.
A positive sign was the increase in the number of agents and brokers on the eXp Realty platform, which increased by 87% to more than 58 thousand. A total of $40.1 billion worth of transactions were processed, an increase of 210%.
By 2021, eXp Realty plans on expanding to Colombia, Spain, and Israel, and announcing its intention to enter the Japanese and German markets.
The real estate market is currently undergoing a transformation phase. Business real estate is being reorganized after the lockdown, and the residential sector is facing demand for spacious homes suitable for telecommuting. For example, in the United States, about two-thirds of workers in large IT companies reported a desire to switch to telecommuting.