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Well, we had a pretty good feeling that Zillow might post its first quarterly profit (at least on a net income basis) today. And the Seattle online real estate company didn’t disappoint, reporting in its first financial report as a publicly-traded company net income of $1.6 million. That compared to a net loss of $2 million for the same period last year, and a loss of $827,000 in the previous quarter.

“The second quarter was outstanding for Zillow with record revenues, traffic and mobile usage. It marks our first profitable quarter on a GAAP net income basis and our fourth consecutive profitable quarter on an Adjusted EBITDA basis,” said Zillow CEO Spencer Rascoff in a statement.

Meanwhile, revenue surged 116 percent to $15.8 million for the quarter. The company went public last month in a skyrocketing IPO, pricing at $20 per share and raising more than $85 million.

Shares of Zillow, which were up about seven percent today in regular trading, jumped another two percent after hours.

Here are some other key items from Zillow’s financial report:

  • Average monthly unique users grew 93% to a record 20.8 million in the second quarter of 2011 compared to 10.8 million average monthly unique users for the same period in 2010. July 2011 marked another record traffic month with 23.2 million unique users to Zillow’s websites and mobile applications, a 98% increase from July 2010.
  • Premier Agent subscribers, which contribute to Marketplace revenues, totaled 13,385 at June 30, 2011, up 180% from 4,777 at the end of the second quarter of 2010.
  • Zillow operates the most popular platform of mobile real estate applications across iPhone, iPad, Android and BlackBerry, and extended its leadership position during the quarter. In June, Zillow launched the first Zillow Mortgage Marketplace app on iPhone, helping borrowers instantly and anonymously submit loan requests from any location and connect with verified lenders.
  • In July, Zillow launched a real estate application on Windows Phone 7, bringing the number of Zillow real estate mobile applications to five. Zillow was used on a mobile device 11.9 million times in July 2011, with 28 homes viewed every second.
  • Zillow made several database and product improvements during the quarter that benefit consumers and professionals. In June, Zillow introduced Zestimates on more than 25 million more homes and altered its Zestimate algorithm to more accurately reflect housing market volatility and updated home facts provided by millions of users. This adjustment has improved accuracy 33% to an 8.5% median margin of error.
  • In June, Zillow introduced new construction home search, allowing buyers to browse homes and floorplans of new and planned communities, introducing more ways for consumers to shop for homes and a new distribution channel for homebuilders.
  • In May, Zillow launched Facebook Tabs to help real estate agents increase their social media presence by integrating their local listings, data and Zillow ratings and reviews into their own Facebook business pages.
  • In April, Zillow announced the March acquisition of Postlets, an online listing creation and distribution platform for agents and landlords that promotes listings across 13 real estate and social media sites, and is now offered as a free value-add service to Premier Agents.

Previously on GeekWire: Five things to look for in Zillow’s first post-IPO financial report

Follow-up: Housing woes don’t slow down Zillow: Company plans to boost hiring as traffic hits record levels


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