You’ve got to hand it to the media team at Zillow—they tried to put a positive spin on the year-end report. But following the disastrous shuttering of Zillow Offers, it was always going to be an uphill battle to find the silver lining.
According to its fourth quarter and year-end letter to shareholders, Zillow reported consolidated Q4 revenue was $3.9 billion, and full-year 2021 revenue was $8.1 billion. The losses, however, we’re big as well.
Consolidated net loss was $261 million for Q4 and $528 million for the full year 2021. The biggest segment loss came from the Homes section, down $342 million in Q4 and $881 million for the year.
The company reported noted that the Homes segment revenue for Q4 well exceeded the company’s outlook as the wind-down of iBuying operations progressed faster than anticipated.
“Zillow has a rock-solid financial foundation and a core IMT business in which we are reporting record profits today. More interestingly, we have major untapped business potential due to our leading audience, brand, partner network, and R&D leadership,” said Zillow co-founder and CEO Rich Barton. “In 2021, we estimate that nearly one-quarter of all buyers in the U.S. reached out to connect with Zillow during their shopping process, yet we only generated revenue on an estimated 3 percent of total customer transactions. We’re investing aggressively in innovations that help both buyers and sellers by delivering an integrated set of tech-enabled solutions on our ‘housing super app’ along with our excellent partners.”