Zillow announced third quarter financial results, as the online real estate company posted strong revenue amid the coronavirus pandemic.
“Zillow’s strong third quarter results reflect impressive execution during a time of challenge and opportunity,” Zillow Group co-founder and CEO Rich Barton said. “Many of us are re-evaluating where we live and how we live, which has kicked off a Great Reshuffling, and we need safe, digital ways to get to a better place.”
- Total consolidated revenue of $657 million and revenue for all three segments exceeded the high end of the company’s revenue outlook for the third quarter.
- Segment income (loss) before income taxes was $140 million, $(76) million and $11 million for the IMT, Homes, and Mortgages segments, respectively, and consolidated GAAP net income was $40 million.
- Adjusted EBITDA exceeded the high end of the company’s outlook for all three segments, resulting in consolidated Adjusted EBITDA of $152 million.
- Traffic to Zillow Group’s mobile apps and websites reached a record 236 million average monthly unique users, an increase of 21 percent year over year, driving 2.8 billion visits during the quarter, an increase of 32 percent year over year.
- The company exited the quarter with the highest cash and investments balance in its history, growing cash and investments to $3.8 billion from $3.5 billion at the end of Q2 2020.
“Given the duration of this pandemic, the concrete is setting on new digital solutions for life and work,” Barton said. “This is driving record demand for housing and record engagement with Zillow’s leading digital real estate brands. When combined with level-headed cost decisions, the result has been profitable growth.”