{"id":2409,"date":"2021-08-06T14:36:01","date_gmt":"2021-08-06T14:36:01","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2021\/08\/06\/zillow-earns-profit-no-thanks-to-ibuying\/"},"modified":"2025-03-13T02:38:51","modified_gmt":"2025-03-13T02:38:51","slug":"zillow-earns-profit-no-thanks-to-ibuying","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2021\/08\/06\/zillow-earns-profit-no-thanks-to-ibuying\/","title":{"rendered":"Zillow earns profit, no thanks to iBuying"},"content":{"rendered":"\n
\"Rich
Zillow CEO Rich Barton<\/figcaption><\/figure>\n\n\n\n

New quarter, same story. Zillow<\/strong> makes money through agents advertising on its website. It loses money via buying homes for cash<\/a> and then reselling them.<\/p>\n\n\n\n

Add it up and the Seattle listings-and-iBuying giant on Wednesday reported $9.6 million in net income for the second quarter of 2021, and $1.3 billion in revenue.<\/p>\n\n\n\n

The figures compare favorably to the second quarter 2020 \u2013 Zillow posted an $84 million net loss and $768 million in revenue back then \u2013 but April through June of 2020 marked the housing market\u2019s COVID-induced nadir.<\/p>\n\n\n\n

By contrast, Zillow posted $52 million in net income for the first quarter, and $1.2 billion in revenue in the first quarter of 2021. Zillow sold 2,086 homes through Zillow Offers (Zillow’s iBuying business) in the second quarter. The instant homebuying program netted 1,975 sales in the first quarter.<\/p>\n\n\n\n

Zillow\u2019s steady, if unspectacular bottom-line contrasts with the company\u2019s enviable popularity and stated ambitions<\/a>. Zillow\u2019s filing with the Securities and Exchange Commission <\/strong>reported 228 million unique monthly visitors to its U.S. home listings site. The company also reported having 6,420 full-time employees as of June 30, which is a 14% surge in employee headcount within the last six months.<\/p>\n\n\n\n

During Wednesday\u2019s earnings call<\/a>, Zillow CEO Rich Barton made mention of the company\u2019s investment in \u201cresearch and development\u201d and said that employees are drawn to Zillow\u2019s new \u201ccloud-based\u201d headquarters.<\/p>\n\n\n\n

Barton said it was nothing less than a historic time for the housing market<\/a>. There is a \u201cgreat reshuffling\u201d with many people\u2019s homes no longer being tethered to their company office, millennials keep entering the homebuying market, and there\u2019s persistently low mortgage interest rates<\/a>….. (article continues on\u00a0HousingWire.com<\/a><\/em>)<\/p>\n\n\n\n

This article was originally published by HousingWire. The full article is available on HousingWire.com<\/a> for HW+ Members.<\/em><\/p>\n\n\n\n

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Zillow earns profit, no thanks to iBuying<\/a><\/blockquote>