Compass reports Q1 EPS (27c), consensus (22c)

Reports Q1 revenue $1.05B, consensus $1.03B. “We exceeded our expectations for Q1 2024 by growing our Q1 revenue 10% year-over-year and significantly reducing our non-GAAP operating expenses, or OPEX2, generating positive free cash flow,” said CEO Robert Reffkin. “This is the first time we have generated positive free cash flow in the first quarter, the industry’s slowest quarter of the year, and in a historically challenging market. In Q1 2024, we grew our quarterly market share by 26 basis points year-over-year and 35 basis points sequentially compared to Q4 2023. We did this while continuing to invest in growth and our technology platform, the industry’s only proprietary first-contact-to-close solution for agents.”