Seattle-based real estate company Zillow Group reported $1.3 billion in revenue Thursday for the second quarter, slightly beating analyst’s expectations.
Expected revenue was $1.28 billion, with earnings per share of 24 cents. Consolidated net income was $10 million.
- The company’s Internet, Media, and Technology (IMT) segment grew 70% in revenue year-over-year to $476 million. Premier Agent revenue grew 82% year-over-year.
- The Homes segment reached record revenue levels at $777 million.
- The mortgages segment revenue grew 68% year-over-year to $57 million.
Zillow Group co-founder and CEO Rich Barton said the company expects recent housing market trends, including low interest rates and location-flexible job opportunities, to continue to fuel interest in Zillow.
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The company’s mobile apps and websites saw 229 million average monthly unique users in the second quarter, representing a 5% year-over-year increase. This drove visits to 2.8 billion, up 10% year-over-year.
The company ended the quarter with cash and investments totaling $4.6 billion.
The stock was up 1.08% in after-hours trading on Thursday.
