Press release
Zillow Group Reports Second-Quarter 2024 Financial Results
SEATTLE, Aug. 7, 2024 /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. 7, 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 ended June 30, 2024.\n\n \n \n \n \n \n \n\n \nComplete financial results for the second quarter and outlook for the third 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\"Zillow outperformed the residential real estate industry for the eighth consecutive quarter, delivering better-than-expected revenue across the business,\" said Zillow Group CEO Jeremy Wacksman. \"We're executing well, continually shipping exceptional products and services in Zillow's housing super app as we build the digital future of real estate. With an increasingly diversified and growing business, we are on our way to deliver strong GAAP profitability over time and meet our 2024 expectations to deliver double-digit revenue growth and modestly expand our Adjusted EBITDA margin. We are well positioned to capture more of our total addressable market and help more people get home.\"\nRecent highlights include:\nZillow Group's second-quarter results exceeded the company's outlook for revenue and Adjusted EBITDA.Q2 revenue was $572 million, up 13% year over year and above the midpoint of the company's outlook range by $39 million.Residential revenue was up 8% year over year in Q2 to $409 million, outperforming both the residential real estate industry total transaction value1 growth of 3% and the company's outlook.Rentals revenue of $117 million increased 29% year over year, primarily driven by multifamily revenue growing 44% year over year in Q2.Mortgages revenue of $34 million increased 42% year over year, due primarily to a 125% year-over-year increase in purchase loan origination volume to $756 million in Q2. The increase was partially offset by a decrease in mortgage marketplace revenue.On a GAAP basis, net loss was $17 million, or 3% of total revenue, in Q2.Q2 Adjusted EBITDA was $134 million, or 23% of total revenue, $41 million above the midpoint of the company's outlook range, driven primarily by higher-than-expected Residential revenue.Cash and investments at the end of Q2 were ...