Technology

Zillow Group posts net $4.6M loss in Q1, ups 2017 revenue forecast

  • Zillow Group's Q1 earnings offer a glimpse into the company's growth and the state of its Premier Agent program. The company also informed investors that the CFPB is investigating its co-marketing program for compliance with RESPA.

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In an earnings report today, Zillow Group, the operator of listing portals Zillow, Trulia and RealEstate.com, posted a net loss of $4.6 million in the first three months of 2017, down sharply from a $47.6 million loss in the first quarter of 2016 and a $23.5 million loss in the fourth quarter. The company’s revenue grew 32 percent year-over-year in 2016, to a record $245.8 million, beating its own revenue forecast and prompting the company to raise its revenue expectations for all of 2017 to between $1.05 billion and $1.065 billion. Most of the company's first quarter revenue came from Premier Agent advertisers. That program pulled in $175.3 million in Q1, up from $134.5 million in the first quarter of 2016 -- a 30 percent jump. Spencer Rascoff “Zillow Group’s strong first quarter performance across the board was a tremendous start to 2017,” said Zillow Group CEO Spencer Rascoff in a statement. “We beat our own expectations and surpassed last year’s seasona...