Industry NewsTechnology

Zillow Group turns profit in third quarter

The company earned a net income of $6.8 million in Q3 2016

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Zillow Group, the operator of listing portals Zillow and Trulia, posted a profit in the third quarter after putting a long and costly lawsuit behind it. CEO Spencer Rascoff said the firm’s third-quarter performance was “terrific,” as traffic grew year over year and revenue from Premier Agent advertisers accelerated. "Our profitability this quarter was well ahead of our expectations," and "primarily driven by strong revenue results and operating expense savings," Rascoff said in an earnings call today. The Seattle-based firm reported a profit of $6.8 million in Q3. That compares to a net loss of $26 million from a year earlier in Q3 2015 and a net loss of $156.1 million in the second quarter of this year. Zillow Group beat its Q3 revenue forecast of between $217 and $222 million. Total revenue increased 35 percent year-over-year to $224.6 million in Q3 and was up from $208.4 million from the previous quarter. The company raised its revenue forecast for ...