Real Estate’s fourth-quarter earnings call is finally over. From RE/MAX CEO exiting to Airbnb hitting $10 billion in annual revenue, we’ve got the headlines all in one place. Here’s what you might have missed.
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As the fourth-quarter earnings season winds down, the final push for 2023 is approaching, signaling a tumultuous end to a tumultuous year.
Perhaps most notably, RE/MAX has undergone a leadership change, with President and CEO Nick Bailey departing in addition to the revenue loss. CoStar Group achieved 51 consecutive quarters of revenue growth. Airbnb’s total revenue doubled from 2019 (before the pandemic affected the travel industry) to $9.9 billion.
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Is this a silver lining from last season? Time will prove everything. We’ve now compiled all of the earnings updates into one handy roundup to help you keep up with the latest numbers from the biggest names in the real estate industry.
RE/MAX President and CEO Nick Bailey has been replaced as head of franchisees, the company announced as it reported its sixth consecutive quarter of revenue decline.
Bailey served as president for nearly three years, two of which he also served as CEO of one of the largest real estate franchises in the United States. Earlier in his career, he held various positions at RE/MAX World Holdings.
RE/MAX announced that Amy Lessinger will succeed Bailey as president and will report directly to Erik Carlson, CEO of RE/MAX Holdings.
The top executive changes come on the same day RE/MAX announced that fourth-quarter 2023 revenue fell 5.2% from a year earlier. RE/MAX earned $76.6 million in the quarter and had a full-year net loss of $69 million.
rocket report Fourth-quarter net loss of $233 million was primarily due to writedowns on the company’s $509 billion portfolio of mortgage servicing rights. Fourth-quarter revenue increased 44% from the same period last year to $694 million, and the company cut expenses by 5% to $937 million.
Rocket posted a full-year net loss of $493 million as revenue dried up faster than the company could cut expenses. Despite revenue falling 35% to $3.8 billion in 2023, Rocket cut full-year expenses by 18% to $4.2 billion.
EXp World Holdings revealed that its revenue increased in the fourth quarter of last year, but the difficult market still took its toll on the company, resulting in a net loss and very slow agent headcount growth.
The company, parent of brokerage eXp Realty, brought in a total of $983 million in revenue between October and December, according to the latest report earnings report. This is up from $933 million in the fourth quarter of 2022. However, despite the increase, the company still lost $21.2 million, a significant increase from the $7 million loss a year ago.
Redfin continued its recovery in the fourth quarter, with revenue falling 2% annually to $218.1 million, a nearly 180° turn from the more than 20% annual revenue declines in the first and second quarters.
The Seattle-based company earnings report It showed that the gross profit margin has improved, increasing by 32% year-on-year to US$73.2 million, of which real estate services gross profit increased by 14% year-on-year to US$29.9 million. The gross profit margin of real estate services was 22.5%, an increase of 20% from the fourth quarter of 2022.
Compass generated a total of $1.1 billion in revenue between October and December 2024, according to the latest report earnings report. This represents a year-on-year decrease of 1%. The company also lost $83.7 million in the quarter, down 47% from a loss of $158.1 million a year ago.
In 2023, Compass’ revenue will be $4.9 billion, down from $6 billion in 2022. In 2023, Compass’s net loss was $321.3 million, compared with a net loss of $601.5 million in 2022.
Shares of iBuyer Offerpad rose in after-hours trading after the company said it expects to return to profitability this year as home inventory turns over faster and its agent partnership program expands.
Although Quote board has been published The fourth-quarter loss was $15.4 million, down 23% from the third quarter and down 87% from the same period last year, when Offerpad lost $121.1 million. This year, Offerpad’s net loss for 2023 totaled $117.2 million, down from $148.6 million in 2022.
According to its latest financial report, CoStar achieved a total revenue of US$640 million between October and December. Report. This was an increase of 12% compared to the fourth quarter of 2022. The results brought the company’s revenue growth in the last three months of last year to its 51st consecutive quarter.
CoStar also remained profitable in the fourth quarter, with net income totaling $96 million. However, this was lower than the company’s profit of $124 million in the final quarter of 2022.
Matterport reported $158 million in revenue last year as it continues to work toward becoming the industry leader in creating digital replicas of homes, buildings and more, according to the company.
This represents a 16% increase compared to 2022. However, that wasn’t enough to offset the company’s $65.8 million loss for the year, according to Matterport’s fourth-quarter earnings report, as the company remains focused on rapid expansion.
The housing downturn took its toll on Opendoor in the final months of 2023, with new data showing the company’s revenue fell sharply compared with a year ago but still managed to cut its losses.
Opendoor’s total revenue in Q4 was $870 million, according to newly released report earnings report. This was a 70% decrease compared to the fourth quarter of 2022. However, the company also experienced a net loss of $91 million, an improvement from a loss of $399 million a year ago.
Losses in the fourth quarter of 2023 also improved from the third quarter, when Opendoor lost $106 million.
Anywhere Real Estate, a large franchisor whose brands include Coldwell Banker, Corcoran and Century 21, reported a revenue decline in the fourth quarter of 2023, ending what CEO Ryan Schneider called an “extremely difficult real estate market.”
According to the financial report, the company reported revenue of $1.250 billion, down 6% from $1.323 billion in the fourth quarter of 2022.
Airbnb lost $349 million in the fourth quarter despite continued growth in booking value, days booked and other metrics, according to its financial report, indicating that the largest short-term rental platform continued last year’s rapid growth.
The company said the net loss for the quarter was due to a one-time tax charge of more than $1 billion in the quarter. The company said without the charge, it would have made a profit of $489 million.
Jessi Healey is a freelance writer and social media manager specializing in real estate.find her Instagram, LinkedInor Number of execution threads.
