California Listings Magazine 5-8-23 - Flipbook - Page 6
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Zillow Posts New
Loss Of $22 Million
In Q1
Zillow lost $22 million between January-March of the
year, according to its latest earnings report. Residential
revenue decreased 14 percent year-over-year to $361
million, driven primarily by lower Premier Agent revenue as a result of weakness in the overall housing market that saw total industry transaction dollars decline 27
percent annually.
Premier Agent revenue decreased 16 percent yearover-year, outperforming the company’s expectation of
a 23-28 percent decrease in Q1.
“We’re starting to see our investments pay off, with Q1
financial results that outperformed the top end of our
outlook,” said Zillow co-founder and CEO Rich Barton.
“We’re capturing more customer demand and connecting more of that demand to our strengthening partner
network, and these numerous incremental improvements have added up to make a real impact on our
business. Our powerful brand and strong balance sheet
put us on solid footing as we build the housing super
app and help get more and more people home.”
Rentals revenue increased 21 percent to $74 million,
compared to Q1 of 2022, as the company continued to
see strong traffic and growth in multifamily properties.
Mortgages revenue was $26 million, down 43 percent.
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Anywhere Sees
Homesale Volume
Sink By 31 Percent
“Tough market” seems to be the tone coming out of
brokerages this week as execs post their Q1 earnings—
and Anywhere is no exception.
The company has reported quarterly revenue of $1.1 billion, a 31 percent decrease compared to the first quarter
of 2022. Homesale transaction volume declined by 31
percent.
As a whole, Anywhere posted a net loss of $138 million
and adjusted net loss of $106 million.
“In the first quarter, we remained focused on what we
can control and on our relentless commitment to execution,” said Charlotte Simonelli, Anywhere executive vice
president, chief financial officer, and treasurer. “This includes our $200 million full year cost savings program
and ongoing operational efficiencies, combined with
strategic innovation and industry leadership will set our
business up to drive results and emerge from this market even stronger.”
Looking ahead to the second quarter of 2023, Anywhere expects second quarter transaction volume
to be down around 25 percent versus the prior year.
Consistent with industry forecasts, Anywhere expects
quarterly transaction volume to improve throughout
2023, but expect full year 2023 transaction volumes to
decline about 15-20 percent year-over-year.