Trulia quarterly earnings: record revenue and subscribers

According to Trulia’s quarterly earnings report, total revenue for Q1 was $54.5 million, rising 127 percent year-over-year, adding 7,000 subscribers in the same period, the most in any quarter since the company’s inception, putting them at 67,000 total subscribers (accounting for a 20 percent overlap with Market Leader).

Monthly unique visitors for Q1 were 44.6 million, up 42 percent from the same period last year, and mobile monthly visitors rose 68 percent to 19 million in the first quarter of 2014.

Trulia reported that they expect to close April with nearly 50 million users, seeing a healthy bump from their new national advertising campaign, marking an all-time traffic record for the company.

A changing product lineup

Trulia says this past quarter was their busiest ever when it comes to product releases and updates, rolling out completely overhauled iOS and Android apps, as well as revamping their mobile website.

Trulia also launched a new subscription product for agents, Trulia Seller Ads, their first product ever built specifically for seller agents. Given their nearly tripling of their technology and development expenses over the last year, we anticipate that product development will soon yield even more products and updates.

Further, in Q1, they entered into direct data licensing agreements with two of the largest MLSs in America (My Florida Regional MLS (MFRMLS) and the Arizona Regional Multiple Listing Service (ARMLS)).

Forecasting a healthy second quarter

Trulia increased full year guidance by $5M and is now expected to be in the range of $250M to $253M, Q2 total revenue is expected to be in the range of $61.5M to $62.5M.

While remaining in tight competition with Realtor.com for traffic, the company is showing momentum as they keep their nose to the grind and roll out products for consumers and real estate professionals that have well tended details and a perfected user experience.

Pete Flint, Chief Executive Officer of Trulia said in a statement, “In the real estate category, agents want to be in front of the most qualified consumers where they receive high quality leads. We now have approximately 66,700 agents using Trulia to drive their business, build a pipeline of clients and close more deals by reaching the nearly 50 million unique visitors that are expected to come to Trulia in the month of April.”

Trulia’s stock closed today at $32.91, +2.45 (8.04%).