Zillow president on housing boom: ‘This looks nothing like 2008’
Zillow President Susan Daimler argues the hot housing market ‘feels really sustainable’ as pandemic ‘reshuffling’ continues and more millennial buyers age into the market.
The booming real estate market propelled Zillow Group Inc. to a whopping 70% year-over-year increase in revenue on the quarter.
The U.S.'s largest real estate site's total revenue was $1.3 billion, up from $768.4 million a year earlier, the company said in its second-quarter earnings report after the closing bell on Thursday. Zillow also beat analysts' expectations of $1.28 billion in revenue.
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FORBES LAUNCHING ‘ZILLOW’ FOR LUXURY HOME LISTINGS
Zillow also made a profit of $9.6 million last quarter after taking a beating during the same time last year due to the coronavirus and losing $84.4 million. Earnings per share were up 4 cents, compared with a loss of 38 cents in the same quarter in 2020.
"Zillow is making rapid and significant progress toward building a seamless, integrated real estate experience for our customers and partners," co-founder and CEO Rich Barton said in a statement accompanying the report. "Our strong second-quarter results show how well we’re executing on the three- to five-year growth objectives we announced in 2019."