The Zillow Group has released its Q2 financial results showing revenue up 20% year on year to USD 171.3 million for the quarter and an adjusted EBITDA of USD 21 million. However, the company continues to make an overall loss and reported a GAAP net loss of USD 38.7 million.
"Zillow Group had a strong second quarter, beating our own expectations for revenue and EBITDA," said Zillow Group CEO Spencer Rascoff. "We've been very focused operationally on the integration of Trulia, and made great progress on a number of fronts. As with most mergers of any scale, it has required a great deal of time, attention and energy. We're pleased to share today that we will have successfully combined all advertising products by the end of the third quarter, well ahead of the timetable we shared on our May 12th conference call. Most importantly, we believe the strategic rationale for the combination remains extremely strong, as we are already realizing benefits of our combined audience scale."
Second Quarter 2015 Financial Highlights
Throughout this release, financial results are presented on both a reported and pro forma basis. Reported results were prepared in accordance with generally accepted accounting principles (GAAP). Pro forma results exclude items described in the reconciliation tables below and assume the February 2015 acquisition of Trulia occurred on January 1, 2014, the beginning of the comparable prior year reporting period. The pro forma results are presented in order to provide additional insights into the underlying trends in the business. Revenue and Adjusted EBITDA for the three months ended June 30, 2015 are presented in this release on an as reported basis.
Operating and Business Highlights