Compass Raises 2024 Revenue Forecast to $5.6B, Adds 650 Agents Amid Market Slowdown

Compass Inc., the largest U.S. residential real estate brokerage by sales volume, has raised its fourth-quarter and full-year 2024 financial outlook amidst a market slowdown. The company now projects fourth-quarter revenue to be between $1.36 billion and $1.39 billion, up from a previous forecast of $1.225 billion to $1.325 billion. Adjusted EBITDA for the quarter is expected to range from $15 million to $18 million, an increase from the prior guidance of $0 to $10 million. For the full year, Compass anticipates revenue to reach between $5.61 billion and $5.64 billion, surpassing earlier projections of $5.47 billion to $5.57 billion. The brokerage also reported the addition of more than 650 agents in the fourth quarter, attributing the growth to its technology platform and organically driven recruitment efforts. Compass's stock rose 21% following the announcement of the revised forecasts, which come after the company's recent acquisition of @properties and Christie's International Real Estate for $444 million. Compass Founder and CEO Robert Reffkin highlighted the company's ability to outperform the market despite industry transactions being near 29-year lows.