Zillow revenue up 69%
Loss-per-share still massive
Despite another record quarter, Zillow’s loss per share was massive in the second quarter of 2013. The online real-estate database reported revenue of $46.9 million in the second quarter, up 69% year-over-year. The loss per share, however, was $0.30, compared to the $0.05 loss it posted in the previous quarter.
According to Wall Street, Zillow (Z) was expected to reach revenue of around $44.42 million, with an EPS of -$0.11.
In the first quarter of 2013, Zillow posted revenue of $39 million and an EPS of $0.06.
"The second quarter was a tremendous one for Zillow as our focus and investments delivered record revenue, traffic and Premier Agent growth," said Spencer Rascoff, CEO of Zillow.
"We're executing to the long game and making great progress against our strategic priorities to grow audience and gain market share, grow our Premier Agent business, and grow our emerging marketplaces,” he added.
Zillow’s loss per share can be attributed largely to its increase in marketing. However, it seems that marketing may be paying off. The second-quarter report revealed record quarterly traffic, topping a record 61 million monthly unique users on both mobile and Web in July 2013 — a 66% increase year-over-year.
Mobile visits alone nearly doubled year-over-year, with 321 million homes viewed via mobile in July alone. That’s 120 homes per second.
Additionally, the Premier Agent count grew 71% year-over-year, adding a record 4,777 quarterly subscribers.
“We've seen substantial audience growth with another record traffic month in July with more than 61 million unique users on mobile and Web, and we added a record number of Premier Agent subscribers during the quarter,” said Rascoff. “Also, our emerging marketplaces are taking flight as Mortgages Revenue more than doubled in the quarter compared to last year, and we're beginning to test monetization in our growing Rentals Marketplace."