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Thursday, Nov 30, 2023

Marcus & Millichap Posts Strong Quarter

Marcus & Millichap Inc. reported on Thursday soaring first quarter revenue, citing a substantial increase in brokerage commissions. The Calabasas commercial real estate brokerage reported net income of $12.8 million (33 cents a share) for the quarter ended June 30, compared with $8 million the same period a year earlier, prior to going public. Revenue rose more than 27 percent to $134 million. No analyst estimates are available for the company’s earnings. “We saw strong increases in our second quarter key operating metrics for our real estate brokerage business, including average number of sales professionals, total number of transactions and total sales volume over the same period in the prior year,” said Chief Executive John Kerin in a statement. The company reported total sales volume rose 21 percent to $7.1 billion. Revenues from real estate brokerage commissions rose nearly 29 percent to $123 million. The number of total transactions in the quarter rose 14 percent to 1,907. The company went public in an Oct. 31 IPO that raised $72 million at a share price of $12, which has risen steadily. Shares closed unchanged at $23.94 on the New York Stock Exchange.

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