The booming real estate market propelled Zillow Group Inc. to a whopping 70% year-over-year increase in revenue on the quarter.
The U.S.’s largest real estate site’s total revenue was $1.3 billion, up from $768.4 million a year earlier, the company said in its second-quarter earnings report after the closing bell on Thursday. Zillow also beat analysts’ expectations of $1.28 billion in revenue.
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Zillow also made a profit of $9.6 million last quarter after taking a beating during the same time last year due to the coronavirus and losing $84.4 million. Earnings per share were up 4 cents, compared with a loss of 38 cents in the same quarter in 2020.
“Zillow is making rapid and significant progress toward building a seamless, integrated real estate experience for our customers and partners,” co-founder and CEO Rich Barton said in a statement accompanying the report. “Our strong second-quarter results show how well we’re executing on the three- to five-year growth objectives we announced in 2019.”
“Of particular note, our iBuying business, Zillow Offers, continues to accelerate as we offer more customers a fast, fair, flexible and convenient way to move,” he continued. “Zillow Offers is proving attractive to sellers even in this sizzling-hot seller’s market.”
Barton added, “finally, we expect millennial-buyers, low interest rates, and the increasing adoption of location-flexible work policies, to fuel interest in moving for many years to come. And these movers will increasingly demand e-commerce-like solutions where Zillow excels.”