Zillow reports Q1 revenue $529M, consensus $508.52M

On a GAAP basis, the company’s Q1 net loss was $23M, or 4% of total revenue, in Q1, compared with $22M, or 5% of total revenue, in Q1 2023. Q1 adjusted EBITDA was $125M, or 24% of total revenue, $25M above the midpoint of the company’s outlook range, driven primarily by higher-than-expected Residential revenue. The company said, “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. 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.”