eXp World Holdings, Inc. (EXPI) saw its stock plummet 6.7% in Friday's pre-market trading, following the real estate brokerage's release of fourth-quarter and full-year 2024 results on Thursday after the closing bell. The company reported revenue growth of 7% for the full year to $4.6 billion, driven by higher agent productivity. However, it also posted a net loss from continued operations of $16.8 million for 2024, reflecting the challenges faced in a tough housing market environment.
The housing sector has been impacted by elevated mortgage rates and macroeconomic headwinds, with eXp World Holdings acknowledging the difficult conditions during its earnings call. CEO Glenn Sanford highlighted that while the company's North American business remained profitable, high interest rates weighed on the residential market throughout the year.
Despite the losses, eXp World Holdings continues to invest in strategic growth initiatives, particularly its international expansion. The company's international revenues grew by an impressive 63% in 2024, with plans to enter additional countries like Turkey, Peru, and Egypt. Additionally, eXp World Holdings is focusing on attracting and retaining highly productive agents through incentive programs and enhanced training offerings like its FastCap program.
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