The lucrative real estate market propelled Zillow Group Inc. to a whopping 70% year over year increase in revenues in the quarter.
The U.S. s largest real estate firm's total revenue was $1.3 billion, up from $768.4 million a year earlier, the company said in its second quarter earnings report after closing bell on Thursday. Zillow also beat analysts' expectations for $1.28 billion in revenue.
Zillow also made a profit of $9.6 million last quarter after losing a payback due to the coronavirus in the same period last year. Earnings per share were up 4 cents, compared with a loss of 38 cent in the same quarter in 2020.
Zillow is making rapid and significant progress toward building a seamless integrated real estate experience for our customers and partners, co-founder and CEO Rich Barton said in a statement accompanying the report. Our strong second quarter results show how well we are executing on the three to five-year growth objectives that were announced in 2019.
Of particular note, our online business that Zillow offers continues to grow as we offer more customers a fast, fair, convenient and competitive way to move, he continued. Even in this sizzling hot seller's market, Zillow Offers is proving attractive to sellers.
Barton added, finally, we expect millennial-buyers, low interest rates and the growing adoption of location-flexible work policies to fuel interest in moving for many years to come. And these movers will more specifically demand e-commerce solutions where Zillow excels.