Commercial real estate brokerage Marcus & Millichap Inc. reported second-quarter financial results that beat analysts’ estimates on income and revenue.
The Calabasas company posted net income of $17.6 million (45 cents a share), compared to $12.8 million (33 cents) in the same quarter last year. Revenue rose 29 percent to $174 million
On average, analysts expected the company to post income of 39 cents on revenue of $157 million, according to Thomson Financial Network.
The company attributed the revenue increase to a 30 percent rise in brokerage commissions during the quarter.
The company reported results after market close Thursday. Shares closed Friday down 69 cents or 1.4 percent to $49.48 on the New York Stock Exchange.