By Leena Rao
Real estate listings site Zillow (NASDAQ:Z) just reported strong Q1 earnings. The company reported record revenue of $22.8 million, up 103% over first quarter 2011. Net Income came in at $1.7 million, resulting in EPS of $0.06. Analysts expected earnings of $0.03 per share on revenue of $21.5 million.
Zillow is also buying rental marketing software maker RentJuice, as we reported earlier this year. The transaction is all-cash, valued at $40 million.
“Mobile usage and site traffic grew substantially during the first quarter, which led to record revenue and EBITDA levels exceeding our prior outlook, and our sixth consecutive quarter of triple-digit, year-over-year revenue growth,” said CEO Spencer Rascoff in a release.
“We continue to expand our addressable market and competitive advantage as we extend our mobile leadership, launch more services for real estate professionals, and grow our mortgage and rentals marketplaces. In particular, we took a giant leap forward in growing our rentals marketplace with today’s announcement that Zillow is acquiring RentJuice. This acquisition will provide us with a comprehensive suite of business and marketing services for rental professionals, similar to what took us years to build and grow in our parallel marketplace for real estate agents.”
The company says average monthly unique users grew 84% to 31.8 million in the first quarter of 2012 compared to 17.3 million average monthly unique users for the same period in 2011. And Zillow usage on mobile devices continues to grow. For the first time, more homes each month are now viewed via Zillow on mobile devices than on the Web. In March 2012, 155 million homes were viewed on Zillow Mobile, or 57 homes per second.
Zillow recently launched its first dedicated rentals app, debuting on Android.
Zillow’s revenue for the second quarter is also expected to reach record levels of $25.5 to $26.5 million.