Zillow Group Reports Fourth-Quarter and Full-Year 2023 Financial Results

About this update from Zillow Group, Inc.

[{"type":"text","content":"SEATTLE, Feb. 13, 2024 /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 and year ended December 31, 2023.\n\n \n \n \n \n \n \n\n \nComplete financial results and outlook for the first quarter of 2024 can be found in our shareholder letter on the Investor Relations section of Zillow Group's website at https://investors.zillowgroup.com/investors/financials/quarterly-results/default.aspx.\n\"We reported great revenue numbers across the whole of our increasingly diversified and growing business. This is evidence of the progress we're making to transform the way people buy, sell, finance and rent homes by continually adding more functionality, software and services to Zillow's housing super app,\" said Zillow co-founder and CEO Rich Barton. \"Our progress in crafting an integrated customer experience in our early markets has given us the confidence to press on the accelerator and expand this experience to more markets in 2024. We have the leading real estate audience and a brand that is a household name, and we have barely scratched the surface on a real estate market with $2 trillion of total transaction value.\"\nRecent highlights include:\nZillow Group's fourth-quarter results exceeded the company's outlook for revenue and Adjusted EBITDA.Q4 revenue was $474 million, up 9% year over year and above the midpoint of the company's outlook range by $31 million. Full-year revenue was $1.9 billion, down 1% year over year.Residential revenue was up 3% year over year in Q4 to $349 million, outperforming both the residential real estate industry total transaction value decline of 4% and the company's outlook.Rentals revenue of $93 million increased 37% year over year, primarily driven by multifamily revenue growing 52% year over year in Q4.Mortgages revenue of $22 million increased 22% year over year, due primarily to a 105% year-over-year increase in purchase loan origination volume to $487 million in Q4.On a GAAP basis, net loss was $73 million in Q4, or 15% of revenue, compared to $72 million in Q4 2022, or 17% of revenue, and was $158 million for the full year 2023.Q4 Adjusted EBITDA was $69 million, or 15% of total revenue, $19 million above the midpoint of the company's outlook range, d...

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