Industry NewsTechnology

Record revenues propel Zillow to profitability in Q2

Company posts $1.6M net income in first post-IPO financial report

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

In its first financial report after going public, real estate search and valuation site Zillow announced it hit profitability for the first time in the second quarter. Zillow's net income for the quarter was $1.6 million, compared to net losses of $2 million in second-quarter 2010 and $800,000 in first-quarter 2011. Zillow posted $3.9 million in earnings before interest, taxes, depreciation and amortization (EBITDA) in the second quarter -- the fourth straight quarter the company was in the black using that yardstick. "The second quarter was outstanding for Zillow with record revenues, traffic and mobile usage," said Spencer Rascoff, Zillow's CEO, in a statement. "We're extremely pleased with our progress and rapid growth, yet we believe we've only scratched the surface of our opportunity." The company's total revenues jumped 116 percent year-over-year to a record $15.8 million in the second quarter, driven by a 269 percent jump in "marketplace revenues...