Leena Rao is currently working as a writer for TechCrunch. She recently finished graduate school Medill School of journalism at Northwestern University, where she studied business journalism and videography. From 2004 to 2007 she helped lead Congresswoman Carloyn Maloney advocacy and community relations in New York. She graduated from Columbia University in 2003, where it was ... ? Read More
Real estate listings site Zillow announced their first earnings as a public company today, after debuting at the NASDAQ in mid-July. Zillow showed record profits 15.8 million dollars in the second quarter to 116% for the year. Net profit for the quarter came in at $ 1.6 million, compared with a net loss of $ 2 million during the same period a year ago and a net loss of $ 0.8 in the first quarter of 2011. This quarter marked the company's first quarter GAAP profitability
Zillow saw record market revenues of $9,7 million, 269% for the year. Prime Minister agent subscribers, which contribute to market income, amounted to 13.385 on June 30, 2011, up to 180% of 4777 troops at the end of the second quarter of 2010. Display revenues increased 30% up to $ 1 million from $ 4.7 million in the second quarter of 2010.
Average monthly unique users, the company grew by 93% to 20.8 million records in the second quarter of 2011, compared with 10.8 million average monthly unique users for the same period in the year 2010. And July 2011 year marked another record traffic month with 23.2 million unique users of the Web sites and applications for mobile devices, Zillow in 98% increase from July 2010 onwards.
Zillow CEO Spencer Rascoff said the first profit the company as a public company: "the second quarter was outstanding for Zillow record revenue, traffic and usage of mobile devices. It marks our first profitable quarter on the basis of GAAP net income and our fourth consecutive profitable quarter, based on adjusted EBITDA.We are extremely pleased with our progress and rapid growth, however, we believe that we have only scratched the surface of our capabilities. "
Profitability for the company is a big deal, considering that while incomes grew at Zillow, the company takes the loss of each quarter during the last three years.
Zillow, which originally filed its S-1 in April, currently contains over 100 million United States homes, including homes for sale, houses, apartments and houses are not currently on the market. Zillow launched the mortgage market in 2008, and subsequently expanded in rentals and mobile. According to Experian Hitwise Zillow.com is the third most visited real estate website in the United States and received 5.36% of visits to the estate in March 2011, at 53 percent compared with March 2010 year.
Zillow, Inc. developed and operates Zillow.com, one of the leading online real estate market is dedicated to helping homeowners, buyers, sellers, renters, real estate agents, mortgage professionals, property owners and managers ...
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