Zillow reports record first-quarter results
Zillow reported yet another record quarter on Tuesday, with revenue reaching $39 million, up 71% year-over-year, according to the company.
The online real estate marketplace also reported record traffic that topped 50 million unique users in the quarter alone. This is a 55% year-over-year increase.
April traffic growth accelerated with 52 million users visiting the site, up 63% year-over-year.
As it continues to become more user friendly, Zillow’s (Z) mobile usage reached record highs, with 55% of traffic now coming from mobile devices. On the weekends, that traffic reaches 60%.
More than 4,557 additions of Premier Agent subscriptions were added this quarter, up 83% year-over-year.
The company is raising its full-year-revenue outlook, expecting revenue to fall somewhere between $178 to $182 million, marking a 54% year-over-year growth at the midpoint. This is up from $165 to $170 million in February.
In order to grow Zillow over the long term, the company continues to make significant investments in product, people and marketing. Many of these investments along with operating costs from the 2012 acquisitions created additional expenses that resulted in EBITDA dropping to $5.1 million from $5.4 million, compared to GAAP net income of $1.7 million.