Shares of eXp World (NASDAQ:EXPI) slumped 24.6% in March, according to data from S&P Global Market Intelligence. The online real estate brokerage and education software company has skyrocketed over the last year, but its stock sold off amid the widespread pullback for tech stocks that hit the market last month.
eXp World published its preliminary fourth-quarter results on March 2, and the report appears to have prompted a significant sell-off for the stock. The company published its fourth-quarter and full-year results on March 11, with sales and net income arriving in line with the preliminary figures, but the market responded positively to business updates and guidance.
eXp World’s revenue rose 122% year over year to hit $609.3 million in the fourth quarter, and net income soared 885% to hit $7.7 million. The tech stock made substantial gains following the release, likely due to business updates and guidance indicating continued momentum.
The number of agents and brokers on the eXp Realty platform climbed 63% year over year to