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Zillow’s revenue is movin’ on up.
The online real estate marketplace reported record revenue of $27.8 million during the second quarter, a 75 percent increase compared to the same quarter last year. While that slightly beat estimates, investors still punished the company: Zillow’s stock, which started the day at $41.76, is down slightly to $38 in after-hours trading.
The record numbers top a similarly impressive first quarter for Zillow, which reported $22.8 million in revenue three months ago.
Second quarter profits, however, took a dip to $1.3 million, down from $1.6 million year-over-year. The company says the drop was a result of its $40 million acquisition of software start-up RentJuice, which it announced in May.
Monthly unique users grew to 33.5 million in the quarter, a 61 percent percent increase over the same period from last year. Zillow says that starting earlier this year, most of these users came from mobile devices, not desktops. The shift isn’t the biggest surprise, seeing as how Zillow offers apps for every major mobile operating system.
The company’s Premier Agent subscription service added 22,696 customers, a 70 percent increase over last year.
Photo: Shutterstock/Stuart Miles