Zillow, Inc. announced financial results for the quarter ended March 31, 2013. “The first quarter was a breakout quarter for Zillow, as we reached new heights in traffic and Premier Agent subscriptions, leading to record revenue and exceeding our own expectations, as well as further extending our category leadership on mobile and Web,” said Spencer Rascoff, CEO of Zillow, Inc.
“We are extremely excited about the massive market opportunity in front of us, and about growing our audience, our Premier Agent business, and our emerging marketplaces. We are stepping on the gas in a number of areas, playing the long game and making calculated investments in products, people and marketing that will allow us to create a massive, enduring brand,” added Rascoff.
First Quarter 2013 Financial Highlights and Revenue Outlook
- Revenue increased 71% to a record $39.0 million from $22.8 million in the first quarter of 2012.
- Marketplace Revenue increased 87% to a record $31.0 million from $16.6 million in the first quarter of 2012.
- Display Revenue increased 27% to $7.9 million from $6.2 million in the first quarter of 2012.
- Zillow is raising its revenue outlook for the full year 2013. Revenue for full-year 2013 is expected to be in the range of approximately$178.0 to $182.0 million. This represents a 54% year-over-year growth rate over 2012 full year revenue of $116.9 million at the midpoint of the outlook range. Additional outlook details will be discussed in Zillow’s conference call today at 2 p.m. PDT (5 p.m. EDT).
- Due to previously announced increased investment in marketing and operating costs associated with acquisitions made at the end of 2012, as well as an increase in non-cash expenses, including share-based compensation expense and depreciation and amortization expense, GAAP net loss was $3.7 million in the first quarter of 2013, compared to GAAP net income of $1.7 million in the first quarter of 2012.
- Adjusted EBITDA was $5.1 million, or 13% of revenue, which was a decrease from $5.4 million in the first quarter of 2012, or 24% of revenue, driven primarily by increased investment in marketing and operating costs associated with acquisitions made at the end of 2012.
- Basic and diluted loss per share was $0.11, compared to basic and diluted earnings per share of $0.06 in the same period last year.
Zillow’s full 1Q 2013 report can be found here.
