Third quarter earnings reports are rolling out, and we’re covering all the major real estate and mortgage brands for you. Next up: Zillow.
While much of the earnings report was overshadowed by the sudden news that it would close it’s iBuyer program, Zillow did have some good news to share—revenue was up in Q3!
According to an official company statement, Zillow brought in $1.7 billion during the third quarter of 2021. And yet, there was still a bad news to report.
Despite the massive revenue numbers, Zillow also reported a net loss of $328 million. The losses—laregly stemming from the iBuying program Zillow Offers—were ultimately too substantial for Zillow to be profitable in Q3.
The earnings report coupled with the announcement that iBuying would be closing sent Zillow into a market nosedive. According to Inman, Zillow stock dropped from an opening price of just over $95 per share to $85 per share as the markets closed. After news of Zillow’s earnings spread later into the afternoon and early evening on Tuesday, shares plunged even lower, ultimately dropping in after hours trading at $75 per share—lower than at any point in the last year.