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Compass reports Q3 EPS (36c), consensus (34c)
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Compass reports Q3 EPS (36c), consensus (34c)

Reports Q3 revenue $1.49B, consensus $1.44B. "Against a backdrop of significant challenges for the housing industry, Compass continued to make progress in a number of important areas during the third quarter," said CEO Robert Reffkin. "We continued to successfully roll out our enhanced national end-to-end workflow platform which we believe allows our agents to be the most productive in the industry and deliver their buyers and sellers a best-in-class experience. Over the longer term, I believe our platform offers important differentiation in the marketplace and it is a conduit to drive incremental revenue lift and cost efficiency. Importantly, in line with our major cost savings program announced in August, we have achieved significant cost reductions in our technology, engineering and general and administrative expenses. Actions taken in the third quarter and in progress are expected to deliver targeted non-GAAP operating expenses after commissions and other related expenses of between $1.05B and $1.15B exiting 2022. As we look ahead, we believe the housing market will remain challenged during 2023 before returning to stability and growth in the future."

Published first on TheFly

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