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, Inc. (NYSE: COMP), a leading technology-enabled residential real estate brokerage, will announce its second quarter 2022 financial results after market close on August 15, 2022. A conference call is scheduled for the same day at 4:30 p.m. ET to discuss these results. Investors can access the call via the Compass Investor Relations website. Founded in 2012 and based in New York, Compass is the largest residential real estate brokerage in the U.S., offering a cloud-based platform for agents to enhance service delivery to clients.
Compass (NYSE: COMP) has appointed Dawanna Williams to its board of directors, effective July 1, 2022. With over 20 years in the real estate sector, Williams is the founder of Dabar Development Partners. She possesses extensive knowledge in real estate law, having previously worked with Sidley Austin LLP. Compass, the leading U.S. residential real estate brokerage by closed sales volume, has over 27,000 agents in 352 cities. In the past year, Compass agents transacted over a quarter of a trillion dollars, reinforcing the company's dominant position in the market.
Welcome Homes has launched a Preferred Agent Program in partnership with Compass, aimed at enhancing service offerings for clients in the Tri-State area. This collaboration allows Compass agents to provide Welcome Homes' services, which include rapid vetting of property and guaranteed pricing within 48 hours. The program incentivizes agents through a scalable commission structure and offers various support resources. This initiative seeks to address the significant inventory shortages in the real estate market, ensuring agents can better serve their customers with new construction options.
Compass, the largest residential real estate brokerage in the U.S., debuted on the Fortune 500, marking it as one of the youngest companies ever to achieve this milestone since its founding in 2012. With nearly 30,000 agents across 352 cities, Compass facilitated over a quarter of a trillion dollars in residential real estate transactions last year. CEO Robert Reffkin emphasized that this achievement reflects the company’s commitment to empowering agents with advanced technology for exceptional client service. The firm aims to innovate the real estate experience through its comprehensive tech-enabled platform.
Compass, Inc. (NYSE: COMP) reported a record 1Q revenue of $1.4 billion, a 25% increase year-over-year. The company expanded its national market share to 5.8%, up 150 basis points from 1Q21. Despite the revenue growth, net loss attributable to the company was $188 million, primarily due to $64 million in stock-based compensation. Looking ahead, 2Q revenue is projected between $2.0 billion and $2.2 billion, with an annual revenue forecast of $7.6 billion to $8.0 billion.
Compass (NYSE: COMP) announces leadership changes as Chief Financial Officer Kristen Ankerbrandt resigns, effective September 2022, after successfully guiding the firm through rapid growth and an IPO. A search for her replacement is underway. Chief Product Officer Greg Hart has been promoted to Chief Operating Officer, enhancing alignment between product and operations teams. Hart, who joined Compass in 2020, will further integrate technology to streamline real estate processes. These transitions aim to strengthen Compass's market position as the largest residential real estate brokerage in the U.S.
Compass, a leading technology-enabled residential real estate brokerage, announced its participation in the 17th Annual Needham Technology & Media Conference. The virtual presentation is scheduled for May 16, 2022, at 2:15 p.m. ET. Both live and replay versions will be available on the company’s Investor Relations website. Founded in 2012, Compass is the largest residential real estate brokerage in the U.S., offering a comprehensive platform that supports agents in managing their business effectively. More details can be found at investors.compass.com.
Compass (NYSE: COMP) has appointed Shopify CTO Allan Leinwand to its Board of Directors, bringing extensive engineering leadership experience. Leinwand, known for his technological vision, has held senior roles at several key companies, including Slack and ServiceNow. His appointment aligns with Compass's commitment to invest in technology that enhances agent productivity. The company, which has over 26,000 agents and is the largest residential real estate brokerage in the U.S., aims to continue its innovative approach in the real estate sector.
OriginPoint, a joint venture between Guaranteed Rate and Compass (NYSE: COMP), has appointed John Stewart as EVP of National Sales. With over 30 years in the mortgage industry, Stewart will enhance sales and recruitment strategies to expand market share. He previously served as a Division Manager at Guaranteed Rate and has a strong background in mortgage joint ventures. Under Stewart's leadership, OriginPoint aims to leverage Compass' technology and Guaranteed Rate's digital mortgage solutions to improve customer service and streamline the mortgage process.
Compass announced its acquisition of Consumer's Title Company of California, expanding its settlement services across all 58 counties in California. This strategic move integrates title and escrow services into Compass’ operations, enhancing efficiency for real estate transactions. The acquisition is expected to close by the end of the quarter, although financial terms remain undisclosed. Compass, the largest residential brokerage in California, continues to bolster its market position, leveraging Consumer's Title's existing reputation and workforce to improve service offerings.
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