Welcome to our dedicated page for Compass news (Ticker: COMP), a resource for investors and traders seeking the latest updates and insights on Compass stock.
Compass, Inc. (NYSE: COMP) is a pioneering technology-driven real estate platform that aims to revolutionize the traditional brokerage model. Established in 2012 by Ori Allon and Robert Reffkin, Compass combines cutting-edge technology with exceptional talent from the realms of real estate, business, and creativity to simplify and enhance the real estate transaction process. Headquartered in New York City, Compass boasts additional offices in Washington D.C., Miami, Boston, and the Hamptons.
Compass provides an end-to-end platform designed to empower residential real estate agents, enabling them to offer unparalleled service to both buyers and sellers. The platform integrates a comprehensive suite of cloud-based software solutions tailored specifically for the real estate industry, including tools for customer relationship management (CRM), marketing, client service, and core brokerage functionalities.
In recent financial highlights, Compass reported positive free cash flow for the second quarter of 2023, with national market share climbing to 4.6%. The company continues to innovate with features like the Performance Tracker and Compass GPT integration, alongside a 1-click Title & Escrow service. Financial metrics indicated a remarkable operational improvement, with non-GAAP operating expenses significantly reduced.
The company's growing influence is evident through strategic acquisitions and organic growth. Compass recently acquired Parks Real Estate, the leading brokerage in Tennessee, and Latter & Blum, the top brokerage in the Gulf South. These moves strengthen Compass' presence in the Southeast, an area experiencing significant population migration.
Compass' financial position is robust, with $335 million in cash and equivalents as of Q2 2023, and a commitment to maintaining operating expenses at $900 million annually through 2025. The platform continues to attract and retain top talent, boasting over 90% annualized retention of principal agents in Q2 2023.
For more detailed and up-to-date financial information, please visit the Compass Investor Relations website at investors.compass.com.
Compass, a leading technology-enabled residential real estate brokerage, announced it will release its first quarter 2023 financial results on May 9, 2023, after market close. A conference call will follow at 5:00 p.m. ET to discuss these results. Investors can access the call through Compass's Investor Relations website. Founded in 2012, Compass has become the largest residential real estate brokerage in the U.S., offering a comprehensive cloud-based platform that supports agents in delivering superior service to clients. This platform includes tools for customer relationship management, marketing, and other essential brokerage functionalities.
For audio replays of the conference call, investors are directed to the Events and Presentations section of the Investor Relations site.
OriginPoint, a joint venture between Guaranteed Rate and Compass, has launched Same Day Mortgage, providing loan approvals in under 24 hours. This program aims to streamline the home-buying experience, especially benefiting first-time buyers competing against cash offers, which comprise 28% of home purchases. The initial rollout in 2022 generated $1.1 billion in closed loans. With Same Day Mortgage, buyers can receive a $250 discount for submitting documentation quickly and can close in as little as 10 days. Guaranteed Rate has maintained an impressive Net Promoter Score of 97 since this initiative's inception.
Compass, a top technology-driven residential real estate brokerage, announced on March 1, 2023, that CEO Robert Reffkin and CFO Kalani Reelitz will present at the 2023 Morgan Stanley Technology, Media & Telecom Conference on March 9, 2023. The presentation is set to start at 11:35 a.m. ET. Investors can access a live webcast and related materials through the company's investor relations page. Founded in 2012, Compass is the largest residential brokerage in the U.S., offering a comprehensive platform for real estate agents to enhance their services and efficiency. More details can be found at www.Compass.com.
Compass, Inc. (NYSE: COMP) reported a challenging financial performance for Q4 and FY22, with revenues dropping 31% to $1.11 billion for Q4 and 6% to $6 billion for the year, reflecting a downturn in the residential real estate market. Despite a 6% decline in its transactions, Compass increased its market share to 4.6%. The company reported a GAAP net loss of $158 million in Q4, improving from a loss of $175 million in Q4 2021, while FY22 net loss rose to $602 million from $494 million. Looking ahead, Compass expects to achieve free cash flow positivity in Q2 2023 and aims to reduce operating expenses to between $850 million and $950 million.
Compass, Inc. (NYSE: COMP) announced that it will release its fourth quarter and full year 2022 financial results after the market closes on February 28, 2023. The company will host a conference call and webcast to discuss these results at 5:00 p.m. ET. Interested parties can register in advance for the live call through the Compass Investor Relations website. An audio recording of the call will be available for replay for up to 90 days after the event. Founded in 2012, Compass is the largest technology-enabled residential real estate brokerage in the U.S., providing an integrated platform for real estate agents.
Compass, a leading residential real estate brokerage listed on NYSE: COMP, announced that CEO Robert Reffkin and CFO Kalani Reelitz will present at the 25th Annual Needham Growth Conference on January 11, 2023, starting at 3:45 p.m. ET. A live webcast of their presentation will be available, alongside related materials, through their official website.
Founded in 2012, Compass is the largest residential real estate brokerage in the U.S., providing an innovative platform for agents to enhance their services and streamline operations.
Compass reported a 14% revenue decline to $1.49 billion in 3Q22, influenced by lower market volumes and a 12% drop in transactions. The company incurred $29 million in restructuring charges, leading to a GAAP net loss of $154 million, compared to a $100 million loss in 3Q21. Adjusted EBITDA was a loss of $42 million. Cash and equivalents totaled $355 million by the end of the quarter. Despite challenges, Compass launched its Compass national agent platform and increased its national market share to 4.6%.
Compass, Inc. (NYSE: COMP) has appointed Kalani Reelitz as Chief Financial Officer, effective November 15, 2022. He brings nearly 20 years of financial and operational experience, previously serving as CFO and COO at Cushman & Wakefield Americas. His role will encompass overseeing the company's financial operations and enhancing profitability. Robert Reffkin, CEO of Compass, emphasized Reelitz's expertise will be vital for the company's growth trajectory. Compass is recognized as the largest residential real estate brokerage in the U.S. and has achieved Fortune 500 status.
Compass, a leading technology-enabled residential real estate brokerage, announced it will release its third quarter 2022 financial results after market close on November 10, 2022. The company will host a conference call at 5:00 p.m. ET to discuss the results. Investors can access the call via the Compass Investor Relations website. Compass is recognized as the largest residential real estate brokerage in the US, providing a technology-driven platform for real estate agents to enhance client service through integrated software solutions.
Compass reported Q2 2022 revenue of $2.0 billion, reflecting a 4% increase year-over-year, driven by a 2% growth in transactions. However, GAAP net loss surged to $101 million from $7 million the previous year due to higher expenses. Compass announced a cost reduction program targeting $320 million in savings to achieve positive cash flow in 2023. The company also reported a national market share increase to 4.6%. Adjusted EBITDA fell to $4 million versus $71 million in Q2 2021.
FAQ
What is the current stock price of Compass (COMP)?
What is the market cap of Compass (COMP)?
What does Compass, Inc. do?
When was Compass, Inc. founded?
Where is Compass, Inc. headquartered?
What recent financial achievements has Compass, Inc. reported?
What innovative features has Compass, Inc. launched recently?
Who are some of the key investors in Compass, Inc.?
What are some significant strategic moves by Compass, Inc.?
How does Compass, Inc. support its agents?
What is Compass, Inc.’s financial outlook?
Where can I get more detailed financial information about Compass, Inc.?
