The company’s net income between April and June clocked in at $10 million — better than one year ago but short of the heights of the past two quarters.
Zillow raked in $1.3 billion in revenue between April and June of this year, besting its haul from also-impressive recent quarters, though the company also saw its overall profit fall from previous highs, the company announced Thursday in a second-quarter earnings report.
The online giant laid out its latest numbers in an earnings report, revealing that in total it saw a net income of about $10 million in the second quarter. That’s up compared to one year ago, when Zillow suffered a net loss of nearly $85 million — and when the coronavirus was first impacting the housing market. However, it’s also down compared to the first quarter of 2021, when the company pulled in $52 million in net income, as well as compared to the final quarter of 2020, when net income hit $46 million.
Both of those previous two quarters were, respectively, the most profitable on record for Zillow.
While income lagged during the second quarter of the year, Zillow did see revenue soar nearly 70.5 percent year over year, ultimately hitting $1.3 billion. That beat analysts’ expectations that the company would report $1.27 billion in revenue.
Significantly, analysts had expected profitability to be down thanks to more spending on product development and advertising.
Thursday’s report also shows that Zillow’s iBuying business has grown significantly over the last year. In total, the company brought in more than $772 million in revenue from its Zillow Offers program during quarter, which was an increase of 70 percent year over year. That’s also up from last quarter, when iBuying scored the company nearly $701 million in revenue.
Premier Agent — Zillow’s lead generation program for real estate professionals — was another standout in the report, with revenue from the program hitting $348 million. That’s up 82 percent compared to the same period last years.
Zillow also brought in $56 million from its mortgage segment. While that number pales in comparison to the figures from iBuying and lead sales, it also a 68 percent year-over-year jump.
Developing…
Update: This post was updated after publication with additional information from Zillow’s earnings report, and from an investor call with company leaders.
Email Jim Dalrymple II