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Zillow beats Q2 expectations with $1.3B in revenue as it expects housing trends to boost growth

Zillow Group CEO Rich Barton. (Zillow Group Photo)

Seattle-based real estate company Zillow Group reported $1.3 billion in revenue Thursday for the second quarter, slightly beating analyst’s expectations.

Expected revenue was $1.28 billion, with earnings per share of 24 cents. Consolidated net income was $10 million.

  • The company’s Internet, Media, and Technology (IMT) segment grew 70% in revenue year-over-year to $476 million. Premier Agent revenue grew 82% year-over-year.
  • The Homes segment reached record revenue levels at $777 million.
  • The mortgages segment revenue grew 68% year-over-year to $57 million.

Zillow Group co-founder and CEO Rich Barton said the company expects recent housing market trends, including low interest rates and location-flexible job opportunities, to continue to fuel interest in Zillow.

The company’s mobile apps and websites saw 229 million average monthly unique users in the second quarter, representing a 5% year-over-year increase. This drove visits to 2.8 billion, up 10% year-over-year.

The company ended the quarter with cash and investments totaling $4.6 billion.

The stock was up 1.08% in after-hours trading on Thursday.



from GeekWire https://www.geekwire.com/2021/zillow-beats-q2-expectations-1-3b-revenue-expects-housing-trends-boost-growth/

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