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Zillow said the average monthly users for the full year was 220 million.
Zillow Group Inc (NASDAQ: ZG) reported impressive financial results for Q4 2022, surpassing both the company’s and analysts’ predictions. The company performed excellently for both revenue and Adjusted EBITDA. According to the Q4 and full-year 2022 report, the quarterly revenue was $435 million, while the full-year income from continued operations was $2 billion. Meanwhile, analysts expected consolidated revenue for the three months that ended in December 2022 to be $415 million. The company added that it saw continued traffic and growth in multifamily properties as rentals revenue pumped 13% YoY to $68 million. Revenue from the mortgages segment also moved to about the midpoint of the company’s outlook range during the quarter at $18 million,
Additionally, Zillow reported a consolidated loss of $72 million on a GAAP basis for 2022 Q4 and $101 for the whole year. It highlighted consolidated net loss from continuing operations at $72 million for Q4 and $88 million for the year. Income from continuing operation of the IMT segment before income taxes margin declined from 29% in 2021 to 9%. Zillow also stated that its consolidated Adjusted EBITDA from continuing operations for Q4 2022 was $73 million. While analysts expected 7 cents earnings per share, EPS came in at 21 cents.
Zillow in Q4 2022
As stated in the earnings report, Zillow saw its Internet, Media, and Technology segments plunge 14% compared to the previous year. The segment, which encompasses a large percentage of the company’s business, had quarterly revenue of $417 million. The average monthly unique number of users of Zillow Group’s mobile apps and websites in Q4 2022 was 198 million. This figure remained flat from the same quarter in 2021. Also, the company recorded 2.2 billion visits in the quarter, a 5% fall from last year.
Zillow said the average monthly users for the full year was 220 million, increasing 1% YoY. During the same 12-month period, total visits grew 3% from the previous year to $10.5 billion. In his comment on the Q4 and full-year 2022 performance, Zillow CEO Rich Barton wrote:
“While navigating a slow and difficult housing market in 2022, we kept our eyes on the future – our vision of building the housing super app. Our consolidated Q4 financial results outperformed our expectations, and we’ve been rapidly shipping products aligned with our five growth pillars. We’re building momentum that will help us scale as we serve customers and the industry with an easier, more seamless way to transact in real estate.”
Since its inception in 2014, Zillow has become the most visited real estate website in the US. Its customers enjoy a transparent on-demand experience for buying, selling, renting, or financing easily. After closing up over 4%, Zillow stock is up 2.30% in after-hours trading. The company has been amassing gains since the year started, increasing 47.44% in its year-to-date record. Over the past month, Zillow stock has popped nearly 14%.
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