Exceeding Q1 Outlook
Zillow exceeded their Q1 outlook, achieving strong top-line growth despite macroeconomic challenges. They achieved GAAP profitability and reported a 13% year-over-year revenue increase.
Significant Growth in Rentals Revenue
Rentals revenue increased by 33% year-over-year, reaching an all-time high of $129 million in Q1. Multifamily revenue grew by 47% in the quarter.
Expansion of Enhanced Markets
The share of connections within Enhanced Markets increased from 21% in Q4 to 24% in Q1, with expectations to reach more than 35% by the end of the year.
Positive GAAP Net Income
Zillow achieved a positive GAAP net income of $8 million for Q1, representing 1% of their revenue.
Strong Performance in Mortgages Revenue
Mortgages revenue was up 32% year-over-year to $41 million in Q1, driven by the growth of Zillow Home Loans.