Zillow didn’t break any records in the second quarter, but delivered results consistent with a strong housing market.
The Seattle-based listing giant reported $9.6 million in net income for the quarter, down from $52 million in the first quarter, but far better than the $84 million net loss during the same period last year, when the pandemic brought the housing market to a near standstill.
A year later, as home prices continue to rise, Zillow brought in $1.3 billion in revenue, up 70 percent year-over-year and roughly 8 percent over the first quarter.
The majority of the company’s revenue, $777 million, came from its homes segment, which includes its iBuyer program Zillow Offers as well as title and closing services. Of that, Zillow Offers brought in $772 million, but the segment ended the quarter with a net loss of $59 million.
Agent advertising drove the company’s profits. Revenue from its Premier Agent advertising program was $384.7 million, up 82 percent from a year earlier. Zillow’s internet, media, and technology segment — which includes Premier Agent — generated $133 million in profits during the quarter.
Zillow’s mortgage business was responsible for $56.7 million in revenue, but reported a $17.6 million net loss.
Operating expenses totalled $476.6 million, with sales and marketing accounting for the biggest portion of spending in the quarter at $229 million.
Business News Governmental News Finance News
Need Your Help Today. Your $1 can change life.