Press release
Zillow Group Reports Second-Quarter 2023 Financial Results
SEATTLE, Aug. 2, 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, Aug. 2, 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 June 30, 2023.\n\n \n \n \n \n \n \n\n \nComplete financial results for the second quarter and outlook for the third quarter of 2023 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\"Zillow outperformed the broader industry for the fourth consecutive quarter as we navigate a tough real estate market,\" says Zillow co-founder and CEO Rich Barton. \"I'm pleased with our steady progress on improving and integrating our customer and partner experiences, especially in touring, financing, and renting. The housing super app is coming into focus, opening up significant transaction TAM for the company and our shareholders.\"\nRecent highlights include:\nZillow Group's second-quarter results exceeded the company's outlook for revenue and Adjusted EBITDA.Q2 revenue was $506 million, above the midpoint of the company's outlook range by $41 million.Residential revenue decreased 3% year over year to $380 million, outperforming both the industry total transaction dollar1 decline of 22% and the high end of the company's expectations, as the company delivered a better-than-expected number of connections to Premier Agent partners, and had favorable relative housing macroeconomic tailwinds despite a challenging housing market.Rentals revenue increased 28% year over year to $91 million as the company continued to see strong traffic and growth in multifamily properties.Mortgages revenue of $24 million decreased 17% year over year due to higher interest rates that impacted demand and resulted in a decrease in revenue from our mortgage marketplace. Q2 purchase loan origination volumes grew 30% sequentially from Q1 2023 and 73% year over year from Q2 2022.On a GAAP basis, net loss was $35 million in Q2.Q2 Adjusted EBITDA was $111 million, $40 million above the midpoint of the company's outlook range, driven primarily by higher-than-expected Residential revenue.During Q2, Jeremy Hofmann was promoted to Chief Financial Officer.The company launched a new Appointment Center by ShowingTime+℠ and...