It’s true, I’ve just been informed and have confirmed that Zillow has laid off 25% of its staff. This comes on the heels of a rough week already including Redfin, and various other tech startups. Rich Barton says this is preventative:
The unprecedented economic events that are playing out on a global stage began in our own industry and have made a prolonged recession likely, in our judgment. We are a young company that is not yet making a profit. Despite having sizeable cash reserves, we deemed the responsible course was to meaningfully reduce expenses, so that Zillow emerges from the other side of the recession in a very strong position, even if the recession lasts many years.
We’re being told that for obvious reasons the Zillow family will keep intimate details inhouse as this is a difficult time for the associates involved- we’ll bring you the latest as we get it. Our thoughts and prayers are with anyone struggling during this difficult time.
