By Leena Rao
Real estate listings site Zillow (NASDAQ:Z) reported its first earnings as a public company today, after debuting on the NASDAQ in mid-July. Zillow revealed record revenues of $15.8 million in the second quarter, up 116% year-over-year. Net Income for the quarter came in at $1.6 million, compared to a net loss of $2 million in the same period a year ago and a net loss of $0.8 in the first quarter of 2011. This quarter marked the company’s first quarter of GAAP profitability
Zillow saw record Marketplace Revenues of $9.7 million, up 269% year-over-year. Premier Agent subscribers, which contribute to Marketplace revenues, totaled 13,385 at June 30, 2011, up 180% from 4,777 at the end of the second quarter of 2010. Display revenues increased 30% to $6.1 million from $4.7 million in the second quarter of 2010.
The company’s average monthly unique users grew 93% to a record 20.8 million in the second quarter of 2011 compared to 10.8 million average monthly unique users for the same period in 2010. And July 2011 marked another record traffic month with 23.2 million unique users to Zillow’s websites and mobile applications, a 98% increase from July 2010.
Zillow CEO Spencer Rascoff said of the company’s first earnings as a public company: “The second quarter was outstanding for Zillow with record revenues, traffic and mobile usage. It marks our first profitable quarter on a GAAP net income basis and our fourth consecutive profitable quarter on an Adjusted EBITDA basis..We’re extremely pleased with our progress and rapid growth, yet we believe we’ve only scratched the surface of our opportunity.”
Profitability for the company is a big deal considering that while revenues were growing for Zillow, the company had been taking a loss each quarter for the past three years.
Zillow, which initially filed its S-1 in April, currently lists over 100 million U.S. homes, including homes for sale, homes for rent and homes not currently on the market. Zillow launched a mortgage marketplace in 2008, and subsequently expanded into rentals and mobile. According to Experian Hitwise, Zillow.com is the third most visited Real Estate site in the U.S and received 5.36% of Real Estate visits in March 2011, which is a 53% increase compared to March 2010.