Zillow Surges on Earnings Beat
NEW YORK (TheStreet) -- Zillow
for the third quarter, Seattle-based Zillow lost 5 cents a share on a non-GAAP basis on $53.3 million in revenue, as mobile continued to perform exceptionally well. The company noted Marketplace revenue climbed 73% year over year to $40.9 million, reaching 64 million monthly unique users on both mobile and Web, up 75% year over year.
Analysts surveyed by Thomson Reuters were expecting Zillow to lose 8 cents a share on $51.35 million.
Marketplace revenue increased 73% to a record $40.9 million, while real estate revenue grew 67% over the same timeframe to $35.1 million. Mortgages revenue grew 120% year over year to $5.7 million, while Display Revenue increased 50% to $12.4 million.
It's another great quarter, a beat across all key metrics," Zillow CEO Spencer Rascoff said in an interview with TheStreet. "The three priorities from the beginning of the year continue to remain."
Zillow ended the quarter with $425 million in cash and cash equivalents on its balance sheet.
Rascoff noted that Zillow is now "running away in terms of audience leadership." "We had 27% category share in the beginning of the year, we're now at 34% according to comScore. Trulia had 21.5% in the beginning of the year, it's now at 21%.
Zillow also continues to take market share on mobile, which Rascoff believes is more important. "We're now twice as big as Trulia, and and four times as big as Realtor.com.
The company will hold a conference call at 5 p.m. EST to discuss the results.
Shares of Zillow finished the session higher, gaining 1.3% to $82.31.
--Written by Chris Ciaccia in New York
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