Online real estate database Zillow Inc. reported a solid fourth quarter as well as overall sturdy earnings for 2012 as the housing market continues its upward trend.
Zillow (Z) posted a fourth-quarter revenue of $34.3 million, up 73% year-over-year, according to the company’s report.
Additionally, total revenue for 2012 was $116.1 million, up 77% year-over-year.
"The fourth quarter was another terrific one as incredible execution by the Zillow team re-accelerated year-over-year growth, and delivered revenue and profit that exceeded our expectations," said Chief Executive Officer Spencer Rascoff of Zillow. "The quarter capped off a pivotal year of tremendous growth."
Net income was $500,000, compared to $900,000 last year as a result of an increase in depreciation and repayment expenses as well as compensation expenses tied to acquisitions.
Net income for 2012 was $5.9 million, significantly up from $1.1 million last year. This increase is due to $1.1 million of acquisition-related transaction costs, compared to $400,000 from the previous year.
Additionally, marketplace revenue in 4Q12 rose to $26.8 million, up 95% year-over-year.
Zillow achieved record marketplace revenue while executing a pricing model transition in the premier agent business, the report noted.
In 2012, marketplace revenue increased to $86.7 million, up 105% year-over-year.
Monthly visitors in 4Q12 grew to 34.5 million, up 47% compared to 23.5 million year-over-year. Additionally, January posted a record traffic month with 45.9 million visitors, representing 45% year-over-year growth, the report stated.
Looking forward to 2013, Rascoff noted that the company will focus on three priorities.
"Attracting more users with great products and services; growing our Premier Agent business with unmatched value and tools; and accelerating our emerging mortgage, rental and home improvement marketplaces," he concluded.