Zillow – Zillow Reports 70% Revenue Growth in 2Q
By Robert Barba
Zillow Group swung to a profit and saw a 70% increase in its revenue in the latest quarter, as its home-buying arm leverages a hot real-estate market for sellers.
Zillow reported a second-quarter profit of $9.6 million, compared with a loss of $84.4 million a year earlier. On a per share basis, the profit was 4 cents, compared with a loss of 38 cents a year earlier.
Adjusted earnings were 44 cents a share. Analysts polled by FactSet expected adjusted earnings of 44 cents a share.
Total revenue was $1.3 billion, up from $768.4 million a year earlier. Analysts were expecting $1.28 billion.
Revenue from its Zillow Offers business, which buys and sells homes, was $772 million, up from $453.8 million a year earlier.
“Zillow Offers is proving attractive to sellers even in this sizzling-hot seller’s market,” Chief Executive Rich Barton said in prepared remarks. He added, “we expect millennial-buyers, low interest rates, and the increasing adoption of location-flexible work policies, to fuel interest in moving for many years to come.”
Its internet, media and technology unit had revenue of $476 million, up from $280.3 million a year earlier.
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