Zillow Group Inc. (NASDAQ:Z) reported first-quarter results after Wednesday’s closing bell, beating analyst estimates on the top and bottom lines.
Here's a look at the details inside the report.
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Zillow Q1 Details
Zillow reported quarterly earnings of 53 cents per share, which beat the consensus estimate of 46 cents, according to Benzinga Pro data.
Quarterly revenue came in at $708 million, which beat the Street estimate of $705.26 million.
Zillow reported the following first-quarter highlights:
- For Sale revenue was up 12% yea-over-year to $514 million in the first quarter.
- Residential revenue was up 8% year-over-year in the first quarter to $450 million, benefiting from growth across Preferred, Zillow Showcase, the company's suite of agent software tools and the company's New Construction marketplace.
- Mortgages revenue increased 56% year over year to $64 million in the first quarter, primarily due to a 96% increase in purchase loan origination volume to $1.5 billion.
- Rentals revenue increased 42% year over year to $183 million in the first quarter, primarily driven by multifamily revenue growing 57% year over year.
"Zillow's integrated platform is delivering meaningful value for buyers, sellers, renters and real estate professionals alike," said Zillow CEO Jeremy Wacksman.
"We're embedding AI throughout the real estate experience in ways that make Zillow increasingly indispensable, and we're innovating with speed and intention,” Wacksman added.
Z Stock Price: According to data from Benzinga Pro, Zillow stock was down 6.24% to $41.74 in Wednesday's extended trading.
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