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Zillow
🇺🇸 NASDAQ:Z
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Sep 30, 2021

Zillow Q3 2021 Earnings Report

Zillow's Q3 2021 financial performance reflected strong growth in the IMT and Mortgages segments, offset by challenges in the Homes segment due to renovation and resale capacity constraints, and the company announced its plan to wind down Zillow Offers operations.

Key Takeaways

Zillow Group reported consolidated Q3 revenue of $1.7 billion. The company experienced a GAAP net loss of $328 million. Zillow also announced its plan to wind down Zillow Offers, expecting the process to take several quarters and include a workforce reduction of approximately 25%.

Consolidated Q3 revenue reached $1.7 billion.

IMT segment revenue grew 16% year over year to $480 million, with Premier Agent revenue growth of 20% year over year to $359 million.

Homes segment revenue was $1.2 billion, below the company's Q3 outlook.

Mortgages segment revenue grew 30% year over year to $70 million.

Total Revenue
$1.74B
Previous year: $657M
+164.5%
EPS
-$0.95
Previous year: $0.37
-356.8%
Gross Profit
$241M
Previous year: $440M
-45.4%
Cash and Equivalents
$3.2B
Previous year: $3.8B
-15.8%
Free Cash Flow
-$2.83B
Previous year: $39.8M
-7203.5%
Total Assets
$10.8B
Previous year: $6.84B
+58.4%

Zillow

Zillow

Zillow Revenue by Segment

Forward Guidance

The company expects an additional $240 million to $265 million of losses to be recognized in Q4 primarily on homes it expects to purchase in Q4. Additionally, Homes segment Q3 revenue is below the company’s previously provided outlook range due to resale capacity constraints that pushed a number of closings into Q4 that were previously expected to close in Q3.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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