By Rip Empson
How are the recent class of tech IPOs faring? Real estate search engine and Zillow (NASDAQ:Z) competitor, Trulia (TRLA) went public in September, debuting at $22.10 per share (up 30 percent from its initial pricing) with a valuation around $580 million.
Wednesday, Trulia announced its third quarter earnings - its first report as a public company. While results were mixed overall, the company still managed to give shareholders a few reasons to be optimistic.
For starters, the real estate marketplace saw revenue increase by 76 percent year-over-year to $18.5 million, which outpaced Wall Street's average forecast of $17 million. Trulia posted a net loss of $1.7 million for the quarter, compared to $1.5 million in the third quarter of 2011, however, adjusted EBITDA for Q3 was $300K, a $700K increase year-over-year, which represents the company's first-ever quarter of positive EBITDA.
"In our first quarter as a public company, Trulia delivered record traffic and record revenue contributing to the company's first quarter of positive adjusted EBITDA," Trulia CEO Pete Flint said in a statement today. "Our ability to monetize our mobile traffic at rates higher than the web puts us in an advantageous position, as our industry continues to migrate to mobile. Additionally, our competitive advantage continues to grow as the Trulia community contributed unique insights at a record pace of one new piece of user-generated content every 10 seconds during the quarter."
As to the stats behind Flint's statement, the company saw its average monthly uniques grow to just under 25 million in the quarter, an increase of 50 percent from Q3 2011, while mobile uniques came in at 5.8 million - up 129 percent from from 2.5 million the year prior.
In addition, Trulia ended the quarter with its average revenue per subscriber at $154, a 54 percent increase from $106 in Q3 of last year and saw 842K pieces of user generated content this quarter, a 68 percent increase, bringing its cumulative total to 6 million pieces of UGC.