eXp World Holdings Inc. (NASDAQ:EXPI), founded in 2008, started its journey as an operator of a real estate brokerage. The company revamped itself over the years and currently runs a cloud-based real estate brokerage, which is growing at a rapid pace. Moreover, it also runs a technology platform that allows a wide range of businesses to operate through virtual workplaces.
The company generates most of its revenue from its wholly-owned subsidiary eXp Realty LLC, which serves as a licensed virtual broker for processing real estate deals. It makes money by receiving a commission on every transaction with the help of its rapidly growing real estate agents’ network.
eXp World shares used to trade on the middle-tier venture market OTCQB until it applied for listing on NASDAQ in April 2018. Finally, its shares started trading on NASDAQ in May 2018 after meeting the minimum requirements for listing on the exchange. The company’s market value increased from around $1 billion in May 2018 to approx. $5.20 billion as of January 2021.
EXPI stock gained significant value over the past year on notable financial and operational progress. For instance, the company announced strong financial results for the quarter ended September 30, with revenue climbing 100 percent on a year-over-year basis to $564 million. Meanwhile, Q3 earnings jumped to $0.20 per share, as compared to a loss of $0.03 per share in the comparable period of 2019. Moreover, its total agents count surpassed 40,000 last month, well above 25,000 agents in December 2019. The aggressive expansion strategy helped the company in achieving this milestone.
EXPI share price rose from $61.39 to $74.36 during the last week after the company outlined its expansions strategy for 2021. The company plans to establish its real estate operations in Puerto Rico, Brazil, Italy, and Hong Kong by the end of the first quarter.