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Zillow revenue up 70%, beats estimates by $2.99 million

Traffic breaks records with 79 million unique users

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Zillow (Z) first-quarter revenue hit $66.2 million, up 70% from $39 million for the same period a year ago, beating earning estimates by $2.99 million. 

Basic and diluted non-GAAP net income per share was $0.02 in the first quarter of 2014 compared to $0.01 in the same period last year, $0.10 higher than estimates. 

Mortgages revenue grew 45% to a record $7.1 million, significantly up from $4.9 million in the first quarter of 2013.

Also posting record numbers, real estate revenue grew 77% to $46.2 million from $26.1 million in the first quarter of 2013.

“In March, traffic hit a new high of 77 million monthly unique users as mobile usage more than doubled year over year," Spencer Rascoff, Zillow CEO, said.

This was then broken in April 2014 and hit a record of nearly 79 million unique users on mobile and Web, up 50% year-over-year.

"We're continuing to ramp our marketing investment, and plan to be firing on all cylinders through the busy spring and summer home shopping season, which also helps increase value and opportunity for our agent and broker partners," Rascoff added. 

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