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Wednesday, Jun 7, 2023

Marcus & Millichap Files First Earnings Report

Marcus & Millichap Inc. reported on Wednesday growth in profit and revenue in its first earnings report since going public, citing improving real-estate market conditions. The Calabasas commercial real estate brokerage reported net income of $7.3 million for the third quarter ended Sept. 30, compared with $6.4 million the same period a year earlier. Revenue rose 23 percent to $112 million. Per-share figures were not made available. “We continue to benefit from improving commercial real estate fundamentals and our focus on the private client segment of the marketplace, which includes commercial real estate transactions in the $1 million to $10 million price range,” said Chief Executive John Kerin in a statement. The company reported total sales volume rose almost 20 percent to $6 billion. That includes real estate brokerage transactions of about $4.4 billion; financing transactions of about $700 million; and other transactions, including consulting and advisory services, of about $900 million. The company went public in an Oct. 31 IPO that raised $72 million, less than the $104 million the company had hoped to raise when it first filed a prospectus in September. The company dropped its IPO price to $12 a share, after initially announcing it expected to price the stock at $14 to $16 a share. Shares gained 17 cents, or more than 1 percent, to close at $13.57.

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