The Zillow Group has posted a record revenue of $224.6 million increased 35% year-over-year for its third quarter.
Zillow's revenue increased 35% to $224.6 million from $165.8 million in the third quarter of 2015, excluding revenue from Market Leader, which was divested in the third quarter of 2015.
The group, which houses a portfolio of the largest and most vibrant real estate and home-related brands on mobile and web, announced its consolidated financial results for the three months ended September 30, 2016, on Tuesday.
Key points include:
• Marketplace Revenue of $206.9 million increased 45% year-over-year, excluding revenue from Market Leader.
• Record GAAP net income of $6.8 million increased 126% year-over-year; Adjusted EBITDA of $59.5 million increased 102% year-over-year.
• More than 164 million average monthly unique users visited Zillow Group consumer brands Zillow®, Trulia®, StreetEasy®, HotPads® and Naked Apartments® during the quarter.
• Zillow Group captured nearly three quarters of total market share for the mobile-only real estate category.
Zillow CEO Spencer Rascoff was thrilled with the company's third quarter results. He said:
“Our third-quarter performance was terrific. We delivered another quarter of record revenue, and Adjusted EBITDA exceeded our expectations. Traffic to Zillow Group’s mobile apps and websites increased year-over-year and revenue growth in our Premier Agent marketplace accelerated. With all of our marketplaces performing strongly, we expect to end 2016 in a strong position to continue executing on our strategic priorities.”