Zillow beats Q2 expectations with $1.3B in revenue says housing trends will experience housing growth

 

Zillow expects millennial-buyers, low interest rates, and the increasing adoption of location-flexible work policies, to fuel interest in moving for many years to come. And these movers will increasingly demand e-commerce-like solutions where Zillow excels.”

 

The Zillow Group reported $1.3 billion in revenue today for the second quarter beating analyst’s expectations. Revenue was expected at  $1.28 billion, with earnings per share of twenty-four cents. Consolidated net income was $10 million.

The media Internet and technology divisions   rose  70% in revenue year-over-year to $476 million. Premier Agent revenue increased 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 closed the quarter with cash and investments totaling $4.6 billion.

 

Consolidated net income was $10 million for the second quarter. Segment income (loss) before income taxes was $134 million, $(59) million and $(18) million for the IMT, Homes and Mortgages segments, respectively, for the second quarter.

Second-quarter Adjusted EBITDA of $183 million and Adjusted EBITDA for the IMT and Homes segments exceeded the high end of the company’s second-quarter outlook. Adjusted EBITDA by segment was $218 million, $(29) million and $(6) million for the IMT, Homes and Mortgages segments, respectively, for the second quarter.

Traffic to Zillow Group’s mobile apps and websites in the second quarter reached 229 million average monthly unique users, an increase of 5% year over year, driving 2.8 billion visits during the quarter, up 10% year over year. Source Zillow Investor Relations

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


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