Business
Zillow Group Reports Fourth-Quarter and Full-Year 2022 Financial Results
SEATTLE, Feb. 15, 2023 /PRNewswire/ -- Zillow Group, Inc. (NASDAQ: Z and ZG), which is transforming the way people buy, sell, rent and finance homes, today
About this update from Zillow Group, Inc.
[{"type":"text","content":"SEATTLE, Feb. 15, 2023 /PRNewswire/ -- Zillow Group, Inc. (NASDAQ: Z and ZG), which is transforming the way people buy, sell, rent and finance homes, today announced its consolidated financial results for the three months ended and year ended Dec. 31, 2022.\n\n \n \n \n \n \n \n\n \nComplete financial results and outlook for the first quarter of 2023 can be found in the shareholder letter on the Investor Relations section of Zillow Group's website at https://investors.zillowgroup.com/investors/financials/quarterly-results/default.aspx.\n\"While navigating a slow and difficult housing market in 2022, we kept our eyes on the future — our vision of building the housing super app,\" said Zillow co-founder and CEO Rich Barton. \"Our consolidated Q4 financial results outperformed our expectations, and we've been rapidly shipping products aligned with our five growth pillars. We're building momentum that will help us scale as we serve customers and the industry with an easier, more seamless way to transact in real estate.\" \nRecent highlights include:\nZillow Group's fourth-quarter results exceeded the company's outlook at a consolidated level for both revenue and Adjusted EBITDA.Consolidated Q4 revenue was $435 million, and full-year 2022 revenue from continuing operations was $2.0 billion.IMT segment revenue was above the high end of the company's outlook range, declining 14% year over year to $417 million.Driven by the relative strength at the top of the company's funnel, Premier Agent revenue outperformed the company's expectations and the industry total transaction dollar decline of 31%, decreasing 20% year over year to $283 million for Q4.Rentals revenue increased 13% year over year to $68 million as the company continued to see strong traffic and growth in multifamily properties.Mortgages segment revenue was $18 million for Q4, near the midpoint of the company's outlook range.On a GAAP basis, consolidated net loss was $72 million for Q4 and $101 million for 2022. Consolidated net loss from continuing operations was $72 million for Q4 and $88 million for 2022. Segment income (loss) from continuing operations before income taxes for the IMT, Homes and Mortgages segments was $(22) million, $(13) million and $(51) million in Q4, and $160 million, $(93) million and $(167) million for full-year 2022, respectively. IMT segment income ...