Online realty company Zillow posted major revenue gains for the second quarter of this year, showing a massive spike in earning year-over-year after a prolonged housing frenzy that still hasn’t cooled off.
In its 2021 Q2 release, the company said it saw just over $1.3 billion in total revenue for the three months ending in June. That’s up from $768 million in the same period of 2020, a jump of 70 percent.
Its gross profit as a share of revenue, meanwhile, jumped from 37 percent to 41 percent.
“Our strong second-quarter results show how well we’re executing on the three- to five-year growth objectives we announced in 2019,” Zillow Group co-founder and CEO Rich Barton said in the report.
Barton also cited the success of the company’s Offers platform. The company recently borrowed half a billion dollars to bolster that growing segment of the company. Launched in 2018, Zillow Offers is an initiative wherein it buys homes from sellers, invests in modest repairs, and then puts it back on the market.