Zillow Shares Drop After Q1 Results: The Details

Zillow Group Inc. Z reported its first-quarter financial results after the bell Wednesday. Here's a look at the key figures from the report.

The Details: Zillow reported quarterly earnings of 36 cents per share which beat the analyst consensus estimate of 34 cents by 5.88%.

The company reported quarterly sales of $529 million, beating the analyst consensus estimate of $508.524 million by 4.03% and representing a 12.79% increase over sales of $469 million from the same period last year.

Residential revenue was up 9% year-over-year to $393 million, outperforming both the residential real estate industry total transaction value1 growth of 4% and the company’s outlook.

Rentals revenue of $97 million increased 31% year-over-year, primarily driven by multifamily revenue growing 46% year-over-year.

Residential revenue was up 9% year-over-year to $393 million, outperforming both the residential real estate industry total transaction value1 growth of 4% and the company’s outlook.

Traffic to Zillow Group’s mobile apps and sites was 217 million average monthly unique users, flat year-over-year. Visits were 2.3 billion, up 3% year-over-year.

“Zillow’s strong revenue numbers across the business helped us once again meaningfully outperform the residential real estate industry as we continue to execute on our growth strategy and expand the breadth and depth of market coverage for the housing super app experience in 2024,” said Zillow CEO Rich Barton.

“We’ve organically amassed and maintained a large, engaged audience and strong brand, and we’ve been investing heavily in software to digitize and integrate the end-to-end moving transaction for consumers, their agents, and their loan officers.”

Z Price Action: According to Benzinga Pro, Zillow Group shares are down 8.07% after-hours at $38.51 at the time of publication on Wednesday.

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