Zillow Q1 2023 Earnings Report

Zillow's Q1 2023 financial results were reported, exceeding the company's outlook for both revenue and Adjusted EBITDA.

Key Takeaways

Zillow Group reported Q1 2023 revenue of $469 million, exceeding the company's outlook. Residential revenue decreased by 14% year over year to $361 million, while Rentals revenue increased by 21% year over year to $74 million. Mortgages revenue was $26 million, a decrease of 43%. The company's net loss was $22 million, and Adjusted EBITDA was $104 million.

Zillow Group’s first-quarter results exceeded the company’s outlook for both revenue and Adjusted EBITDA.

Q1 revenue was $469 million, above the midpoint of the company’s outlook range by $48 million.

On a GAAP basis, net loss was $22 million in Q1.

Cash and investments were $3.4 billion at the end of Q1, flat from the end of 2022, after $86 million in share repurchases in the quarter.

Total Revenue

$469M

Previous year: $4.26B