Compass, the national real estate brokerage that reports having 27,275 agents in more than 300 offices in markets that include Westchester and Fairfield, has reported a loss for the first quarter of 2022 of $188 million. Compass also reports the departure of its chief financial officer (CFO) and the naming of a new chief operating office (COO). Founded in 2012, Compass bills itself as the largest residential real estate brokerage in the U. S.
Compass announced that CFO Kristen Ankerbrandt will be leaving the company in September. It”™s reported that she will be starting an investment company. The company said it is looking for a replacement. Also, Compass announced that Greg Hart, chief product officer for the company, has been promoted to COO. Hart joined Compass in April of 2020 after 23 years at Amazon.
Compass reported $1.4 billion in revenue for the first quarter of 2022, compared with $1.1 billion for the first quarter of 2021.
“Compass agents have consistently demonstrated their ability to grow in a variety of market conditions and in the first quarter, they grew market share to 6.1%, our second highest market share quarter ever,” said Robert Reffkin, founder, chairman and CEO. “This is even more impressive since the first quarter is typically our slowest volume quarter. Consistent with historical performance over the past four years, we expect to take even more share through the remainder of 2022.”
In it”™s first quarter report, Compass said it had $476 million in cash. It said it expected $2 billion to $2.2 billion in revenue for the second quarter of 2022, with revenues for the full year of from $7.6 billion to $8 billion and at least a breakeven situation.
Reffkin said that the Compass internet platform has been a major factor in attracting agents and helping them grow their business and they plan to build what they consider to be a technology lead over the rest of the industry.
“Most importantly, we have significant capacity to reduce spending as necessary, while continuing to grow our business, improve our cash position and drive positive free cash flow in 2023,” Reffkin said.
