Zillow traded publicly, performance is promising
After a long march toward IPO status, Zillow finally made their NASDAQ debut last month, opening at $20 per share, higher than initially projected “Z” would. At close of market today, “Z” stock is selling for $26.26 and while some moan that it pales in comparison to the $40+ the stock hit on opening day, it is still 31 percent higher than their earliest stock price which is good news for the real estate search company.
“The second quarter was outstanding for Zillow® with record revenues, traffic and mobile usage. It marks our first profitable quarter on a GAAP net income basis and our fourth consecutive profitable quarter on an Adjusted EBITDA basis,” said Zillow CEO Spencer Rascoff. “We’re extremely pleased with our progress and rapid growth, yet we believe we’ve only scratched the surface of our opportunity.”
Revenues up 116 percent from Q2 2010
According to Zillow’s Q2 financial report, total revenues jumped 116 percent to $15.8 million from $7.3 million in Q2 of 2010 with Mortgage Marketplace revenues skyrocketing 269 percent to $2.6 million in the second quarter. Display revenues rose to $6.1 million, up 30 percent from just twelve months prior.
Site traffic is up- way up
Zillow is reporting that their average monthly unique visitor count nearly doubled over the last year to 20.8 million visitors. Premier Agent subscriber number are up 180 percent in Q2 2011 from 4,777 at the same time in 2010.
In July, Zillow was used on mobile devices 11.9 million times on their five mobile applications and although it is unclear how much of the traffic numbers on the site and via mobile are Realtors versus home shoppers, revenues and traffic are up by impressive margins for Zillow.
Ben S
August 25, 2011 at 3:13 pm
Obviously some great results. With so much of this top-line growth coming from Premier Agent subscriptions (now 14k of them!), I somewhat wonder just how much upside potential is realistically left for the next 12-24 months in subscription revenue. Will be interesting to see if 'Z' can grow into its multiples with new revenue streams or if this starts to look like a something of a squeezed lemon over the coming quarters. The fact that they're continually proving me wrong on this so far has to be comforting for anyone who jumped in on the IPO, though.