Zillow reports third-quarter profit
Zillow (Z) revealed its fifth acquisition as it continues to move forward in acquiring Mortech, a mortgage technology company that offers essential software tools to the mortgage industry. This acquisition was announced alongside Zillow’s third quarter earning reports on Monday.
The net income reported by Zillow was $2.3 million. These numbers reverse last year's loss of $570,000 in the same period.
Zillow’s year-over-year numbers reflect a 67% increase from $19.1 million in 2011’s third quarter to $31.9 million now.
The financial highlights for the online real estate marketplace mirrored impressive business highlights as well. Zillow Mobile, a real estate app that provides data info on all U.S. homes, achieved a significant milestone by bringing Zillow one billion home views through the first three quarters of 2012.
Continuing to evolve and develop is essential for Zillow’s growth moving forward. Two key factors in this are the acquisitions of Buyfolio in October and Mortech announced today.
Additionally, Zillow launched a new Zillow Mortgage Marketplace App for iPad.
Looking ahead, Zillow predicts revenue for the full year of 2012 to reach $113.0 million. These predictions would represent a 71% year-over-year growth over 2011. Zillow’s entire third quarter report can be found here.
Stocks plunged in trading after Zillow missed its forecast. CNNMoney posted a video saying this should not be taken to mean the housing recovery is in danger. Watch it below.