Compass CEO Robert Reffkin (Compass, Getty)
UPDATED, May 12 2021, 6:35 p.m.: The bar was set high for Compass’ first quarterly earnings report as a public company.
The brokerage, which went public on April 1, reported $1.1 billion in revenue for the quarter across 40,268 transactions valued at $43.8 billion.
“This was the best first quarter for transactions in our history and our third largest quarter ever,” said Robert Reffkin, the brokerage’s CEO and co-founder, on the company’s earnings call on Wednesday. “We see this momentum continuing into the second quarter.”
Compass’ revenue is up 80 percent year-over-year from $619.9 million in the first quarter of 2020, while the number of transactions increased 67 percent. According to Bloomberg, analysts expected the company to report $968.67 million in revenue.