In down markets, the best agents and the best brokerages gain market share, Reffkin, the CEO of Compass, told investors and analysts during his firm's first-quarter 2024 earnings call on Wednesday evening.
Year over year, Compass gained 26 basis points of market share, bringing its total share of home sales in Q1 2024 to 4.76%. Compass also recorded a 10% annual bump in revenue to $1.05 billion.
Despite a net loss of $133 million for the quarter, Compass remained free cash-flow positive at $5.9 million. Reffkin reassured investors that the firm is on track to stay free cash-flow positive throughout 2024.
Reffkin believes that Compass will thrive even after making the first payment on its commission lawsuit settlement agreement this year, expressing confidence in the company's ability to navigate industry changes and challenges.
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