**Real Brokerage Inc. Announces Q2 2024 Financial Results**

authorIntellectia.AI1970-01-01
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REAX.O
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Real Brokerage Inc. Announces Q2 2024 Financial Results

The Real Brokerage Inc. (NASDAQ: REAX), a technology platform reshaping real estate for agents, home buyers, and sellers, reported its financial results for the second quarter ended June 30, 2024.

Key Financial Metrics

Financial Metric Q2 2024 Q2 2023 QoQ Change YoY Change Consensus Estimates Comparison to Estimates
Total Revenue $340.8M $185.3M +84% +84% $264.46M Above estimates
Earnings Per Share (EPS) -$0.01 -$0.02 +50% +50% -$0.02 Above estimates

Interpretation : Real Brokerage Inc. demonstrated impressive financial performance with an 84% increase in revenue year-over-year, significantly surpassing Wall Street consensus estimates. The loss per share improved from $0.02 to $0.01, also beating expectations.

Key Operational Data

Operational Metric Q2 2024 Q2 2023 Change
Total Value of Real Estate Transactions $12.6 billion $7.0 billion +80%
Number of Transactions Closed 30,367 17,537 +73%
Number of Agents on Platform 19,540 11,494 +70%

Comments from Company Officers

  • Tamir Poleg, Chairman and CEO : Emphasized the company's new highs in revenue and gross profit, crediting the performance to their resilient business model and technological efficiencies.

  • Sharran Srivatsaa, President : Highlighted the launch of the Real Luxury division and Real Partners program aimed at attracting more agents and enhancing client services.

  • Michelle Ressler, CFO : Focused on continuing investments in the company’s people and platform to sustain growth and profitability.

Dividends and Share Repurchase Program

  • Share Repurchase : The company repurchased 2.7 million common shares for $10.6 million in Q2 2024.

Forward Guidance

The company did not provide specific forward guidance but indicated plans for continued revenue growth and profitability improvements through sustained investments.

Stock Price Movement

Following the earnings release, Real Brokerage Inc.'s stock price saw an effective change of +1.67%.

Conclusion: Real Brokerage Inc. reported strong financial and operational results for Q2 2024, significantly exceeding consensus estimates. Key initiatives and launches point towards continued growth and profitability improvements for the remainder of the year.

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