<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=192888919167017&amp;ev=PageView&amp;noscript=1">
Friday, March 29, 2024
March 29, 2024

Linkedin Pinterest

Zillow, still profitless, aims at $1B in revenue

By Mike Rosenberg, The Seattle Times
Published: February 8, 2017, 4:50pm

Seattle-based Zillow Group on Tuesday said it expects to surpass $1 billion in annual revenue for the first time in 2017 but still isn’t close to turning a profit.

The real-estate information company, whose websites also include Trulia, HotPads and Naked Apartments, reported a record $227.6 million in revenue in the fourth quarter of 2016, up 34 percent from a year prior and slightly above analysts’ expectations. It finished the year with $846.6 million in revenue, driven largely by its premier agent program.

Still, Zillow reported a net loss of $220.4 million, including a $130 million settlement in June over a lawsuit alleging that two executives it hired from rival Move stole trade secrets. That’s up from a $148.9 million loss in 2015.

In after-hours trading Zillow shares dipped 6 percent in the hour following the earnings announcement, from $36.85 to $34.65.

The company said traffic to Zillow Group sites topped 140 million average monthly unique users in the most recent quarter, up 13 percent from a year prior but down from the peak of 171 million in May, when home buying is most prevalent.

Loading...