Zillow’s First Quarter as a Public Company Also Marks First Profit
Zillow reported its second quarter earnings today after raising more than $70 million in a public offering one month ago.
The Seattle real estate company reported that revenues totaled $15.8 million, more than doubling from $7.3 million in the second quarter 2010.
The company also reported a net profit of $1.6 million, representing the first time the company has been profitable on a quarterly basis. In the year-ago period, Zillow lost $2 million.
In addition, the company said its monthly unique users during the quarter jumped 93 percent to a record 20.8 million, and that in July, it marked another record traffic month with 23.2 million unique users to both its Web sites and mobile applications.
Zillow’s largest source of revenue comes from agents, who subscribe for special listings. The company said premier agent subscribers totaled 13,385 as of the end of June, up 180 percent from 4,777 at the end of second quarter 2010.