Spencer Rascoff of Zillow
Spencer Rascoff of Zillow

Zillow today posted record revenue of $53.3 million for the third quarter, up 67 percent over the same period last year but not quite the same brisk revenue pace it saw during the second quarter when it reported a 69 percent boost in revenue. The Seattle online real estate company also posted a net loss of $1.2 million.

Even though Zillow swung to a net loss, CEO Spencer Rascoff said the results beat Wall Street expectations, which had forecast a loss of eight cents per share.

“We’re in hyper growth mode, and we are focused on running the business to maximize audience growth and revenue growth,” said Rascoff. “This is not the time to be harvesting profits. That will come later.”

Rascoff also noted that Zillow, which recorded 64 million unique users for the month of August, is distancing itself from Trulia and others.

“We are separating from our competitors in terms of traffic, quite significantly,” he said. “For example, we are now twice the size of Trulia on mobile … and four times the size of Realtor.com on mobile. And, at the beginning of 2013, we had 27 percent desktop share of the category, according to comScore, and now we have 34 percent of share.”

During that period, Rascoff said that both Trulia and Realtor.com have lost share, according to the comScore numbers.

“We are already by far the market leader, but we are also separating from our competitors pretty significantly,” said Rascoff, pointing to the success of a recent advertising campaign as well as product development. Most significantly, according to Rascoff, is that the company now boasts nearly 45,000 subscribing real estate agents. Its Premier Agent business grew 68 percent during the third quarter, with average monthly revenue per subscriber of $264.

“There is plenty of juice left in this orange,” said Rascoff in a conference call today.

Zillow finished the quarter with $318 million in cash — up from $150 million at the end of 2012. The company’s stock has fallen in recent weeks, trading now at about $83 per share. That gives Zillow a market value of $2.86 billion.

The company’s employee count now stands at 780, bolstered in part through a series of acquisitions that took place earlier this year.

Here’s an interview that Rascoff did with The Motley Fool earlier this afternoon.

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