Zillow reports Q3 revenue $496M, consensus $484.44M

Residential revenue of $362 million outperformed both the industry total transaction dollar decline of 14% and the high end of the company’s expectations, decreasing 3% year over year. “Despite a residential real estate industry that is down 14% from last year, Zillow is reporting positive growth: 3% in our total revenue, 34% in our rentals revenue, and 88% in our purchase mortgage origination business,” said Zillow co-founder and CEO Rich Barton. “We have strong momentum across the board, and it’s because we’re focused on building a better, more integrated real estate transaction experience for both movers and partners.”