Earnings statements for the third quarter of the year are rolling out and we’re diving in to examine the market slowdown’s impact on revenue and growth for some of the industries biggest companies.
Zillow has released its numbers revealing revenue from continuing operations was $483 million, above the high end of the company’s outlook range but down 12 percent from one year ago. In Q3 of 2021, the company brought in $550 million.
Premier Agent revenue decreased 13 percent year-over-year to $312 million. The decrease was attributed to macro housing market factors, including interest rate and home price increases, as well as tight inventory levels.
As a whole, the company lost $53 million during the third quarter.
“Through our many years helping people dream and shop on Zillow, we feel confident that customers want the end-to-end, integrated transaction experience we’re building in our housing super app,” said Zillow co-founder and CEO Rich Barton. “We’re making progress in each of our growth initiatives: touring, financing, seller solutions, enhancing our partner network and integrating our services. Having a well-capitalized business that produces operating cash flow gives us an advantage in navigating the choppiness of the current housing market.”
The wind-down of the company’s iBuying business was complete as of Sept. 30, 2022, and has been presented as discontinued operations for all periods presented.