Industry NewsInvesting

Zillow Group posts net loss of $220M in 2016

Real estate behemoth beats its own revenue expectations for the year

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

In an earnings report today, Zillow Group, the operator of listing portals Zillow and Trulia, posted a net loss of $220 million in 2016. The loss includes the impact of a $130 million legal settlement with archrival Move Inc. After the real estate behemoth posted a $6.8 million profit in the third quarter, it went on to lose $23.5 million in the fourth quarter. The company's revenue grew 31 percent year-over-year in 2016, to $846.6 million -- beating its own revenue forecast -- and rose 34 percent year-over-year in the fourth quarter, to $227.6 million. In a statement, Zillow Group CEO Spencer Rascoff said 2016 had been a "fantastic year" for the company. "We set records for annual revenue and site traffic, and ended on a strong note with solid fourth quarter results that were ahead of expectations," he said. "We executed on all of our strategic priorities for the year and completed the roll out of our self-serve account interface to Premier Agents nationally. "I...