Zillow Inc. Revenue Jumps 70% in the Fourth Quarter
Zillowannounced its fourth-quarter results today, bringing in record quarterly revenue of $58 million while it also delivered earnings per share of $0.06. These results were well ahead of the $34 million in revenue and $0.02 in earnings per share seen in the fourth quarter of 2012.
"This was a breakaway year for Zillow in which we repeatedly delivered record revenue, traffic, and mobile usage as we significantly grew our market share as the category leader," said Zillow CEO Spencer Rascoff of the fourth-quarter and full-year results.
For the full year of 2013, Zillow saw its revenue climb 69%, from $117 million to $198 million. This increase was attributable to gains seen across all of its business lines:
Source: Company investor relations.
However, the gains in revenue couldn't offset the significant increases in expenses, as Zillow ultimately reported a net loss of $12.5 million in 2013, versus a net income of $6 million in 2012. The company did note that its adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA -- which excludes share-based compensation and other expenses -- rose from $25.1 million in 2012 to $29.7 million in 2013.
The company also said it continued to grow its audience, as the average unique monthly visitors stood at 54.4 million in the fourth quarter, a 57% increase year over year. In January of this year, it recorded a greater than 50% increase over levels in January 2013, with unique visitors almost eclipsing 70 million. The company also said its Premier Agent subscribers grew by 8% in the fourth quarter, and 64% in all of 2013, to stand at 48,314.
Rascoff concluded by noting that Zillow is "looking ahead to 2014 with significant investments in growing our audience, growing our Premier Agent business and turning up the volume in mortgages and our other emerging marketplaces."
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