Zillow Group is higher postmarket (Z +10.7%, ZG +9.7%) after easily clearing the Street’s bar for revenue in its Q3 report.
Revenue more than doubled to $745.2M driven by the Homes segment, which has rapidly grown to a $385M business form a year-ago $11M.
The Homes segment also drove a wider net loss (overall net loss of $64.6M, with a Homes segment loss of $87.9M vs. a year-ago loss of $16.4M).
The Offers business is growing rapidly, Zillow says, with more than 80,000 homeowners requesting an offer in Q3.
Revenue by segment: Homes, $384.6M (up 3,391%); IMT Premier Agent, $240.7M (up 3%); IMT Rentals, $44.4M (up 19%); IMT other, $50.2M (up 15%); Mortgages, $25.3M (up 37%).
Meanwhile, traffic to mobile apps and websites hit an all-time high (monthly unique users up 5% to 195.6M; visits up 11% to over 2.1B).
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