Industry NewsTechnology

Zillow posts record revenue and profit in the third quarter

Traffic to mobile apps and websites reaches new high

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In an earnings report today, Seattle-based Zillow Group, the operator of listing portals Zillow, Trulia, StreetEasy and RealEstate.com, posted a record profit of $9.2 million in third-quarter 2017 and increased its revenue by 25 percent year over year to a record $281.8 million. The company's record profit follows a net loss of $21.8 million in second-quarter 2017, but rose from $6.8 million in profit in third-quarter 2016. Zillow Group's revenue again beat its own forecast and surpassed its previous record in the second quarter when revenue stood at $266.9 million. As a result, the company once again upped its revenue expectations a bit for all of 2017, to between $1.068 and $1.073 billion. As usual, most of the company’s third quarter revenue came from Premier Agent advertisers. That program pulled in a record $197.1 million in Q3, up from $158.3 million in the third quarter of 2016 — a 24 percent jump. Zillow Group also reported that traffic to its mobile apps a...