Zillow Q1 2023 Earnings Report
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.
Zillow
Zillow
Zillow Revenue by Segment
Revenue & Expenses
Visualization of income flow from segment revenue to net income