Shares of Zillow rose nearly three percent Wednesday after the Seattle online real estate company posted strong financial results for the fourth quarter and full year 2011.
The company — which now describes itself as the “leading real estate information marketplace” — reported revenue of $19.9 million during the fourth quarter, an 108 percent increase over the same period of 2010. That marked the fifth consecutive quarter of more than 100 percent year-over-year top-line growth.
Net income for the quarter came in at $922,000, up from a net loss of $486,000 for the same period in 2010.
“The fourth quarter was another excellent one for Zillow, capping off an outstanding year that further strengthens our market leadership position,” said Spencer Rascoff, chief executive officer of Zillow in a release. “Our continued product innovation, particularly on mobile and in expanding the types of services we offer real estate professionals, is fueling our growth and expanding Zillow’s total addressable market.”
Looking ahead, Zillow expects revenue in the range of $20.5 million to $21.5 million for the first quarter and adjusted EBITDA of $3 million to $3.5 million.
The financial results come after Zillow has taken some high-profile hits in the real estate industry, including a San Diego broker who announced plans to pull listings off the site (as well as from rival Trulia) and the largest MLS in Colorado cutting ties with Zillow’s newly-acquired Diverse Solutions unit.
Zillow went public last July at $20 per share. It is now trading around $35.
The 325-person company finished the year with 15,799 Premier Agent subscribers, and $92 million in cash and cash equivalents; and short and long-term investments. A record 31.7 millon unique visitors visited the company’s Web site or mobile properties during the month of January.