Zillow Group's 2024 Financial Results: A Year of Transformation and Growth
Zillow Group, Inc. has announced its financial performance for the fourth quarter and full year of 2024, showcasing a remarkable year marked by significant advancements in the real estate market. The digital real estate powerhouse, listed on NASDAQ under the symbols Z and ZG, reported a strong 17% increase in fourth-quarter revenue, amounting to $554 million compared to the same quarter last year. This exceeds the anticipated outlook and also surpasses the year-over-year growth reported by the residential real estate industry.
In the context of a growing market, Zillow's CEO, Jeremy Wacksman, expressed pride at achieving the company's established goals, including a noteworthy double-digit revenue growth that sets a firm foundation for ongoing momentum into 2025. With a leading brand presence in the industry, Zillow is well-positioned to continue to serve a growing number of buyers, sellers, renters, and real estate professionals.
2024 Financial Highlights:
Despite these positive strides, Zillow reported a net loss of $52 million for the fourth quarter, an improvement from the $73 million loss in the prior year, equating to a 9% margin. On an annual basis, the net loss was posted at $112 million, also reflecting a better performance compared to 2023.
In terms of profitability metrics, Adjusted EBITDA reached $112 million in the fourth quarter, translating to 20% of revenue, primarily due to stronger than expected residential sales performance and robust rental income streams. The yearly adjusted EBITDA reflected a 22% margin, a significant recovery compared to the previous year's results.
As Zillow navigates through the complexities of the real estate market, the firm's cash and investments amount to $1.9 billion as of the end of Q4, marking a decline from $2.2 billion in Q3, primarily due to the company's strategic handling of its convertible debt.
Moreover, Zillow's user engagement remained strong, with mobile app and site traffic rising by 3% year-over-year, reaching 204 million average monthly unique users. These figures indicate a healthy growth trajectory as the company gears up for 2025.
In summary, Zillow Group's fourth-quarter and full-year financial results embody a year of transformation with significant revenue growth, strategic expansion, and a solid brand presence in the evolving real estate landscape. With an optimistic outlook, Zillow is set to continue redefining the home-buying and selling experience for countless individuals through innovative digital solutions and dedicated service, marking both a milestone and an exciting future ahead.
In the context of a growing market, Zillow's CEO, Jeremy Wacksman, expressed pride at achieving the company's established goals, including a noteworthy double-digit revenue growth that sets a firm foundation for ongoing momentum into 2025. With a leading brand presence in the industry, Zillow is well-positioned to continue to serve a growing number of buyers, sellers, renters, and real estate professionals.
2024 Financial Highlights:
- - Fourth-Quarter Revenue: The 17% increase represents a total of $554 million. The year-end results culminated in a full-year revenue of $2.2 billion, an overall increase of 15% compared to 2023.
- - For Sale Revenue: Impressively, this segment accounted for $428 million in the fourth quarter alone, marking a 15% rise year-over-year.
- - Residential Revenue: This category increased by 11% in Q4, totaling $387 million, benefiting from enhanced conversion rates and the expansion of Zillow Showcase.
- - Mortgages and Rentals: The mortgages revenue saw a staggering increase of 86% year-over-year, reaching $41 million largely due to a significant rise in purchase loan origination volume. Meanwhile, rentals revenue also surged by 25% to $116 million, aided by a 41% growth in multifamily revenue.
Despite these positive strides, Zillow reported a net loss of $52 million for the fourth quarter, an improvement from the $73 million loss in the prior year, equating to a 9% margin. On an annual basis, the net loss was posted at $112 million, also reflecting a better performance compared to 2023.
In terms of profitability metrics, Adjusted EBITDA reached $112 million in the fourth quarter, translating to 20% of revenue, primarily due to stronger than expected residential sales performance and robust rental income streams. The yearly adjusted EBITDA reflected a 22% margin, a significant recovery compared to the previous year's results.
As Zillow navigates through the complexities of the real estate market, the firm's cash and investments amount to $1.9 billion as of the end of Q4, marking a decline from $2.2 billion in Q3, primarily due to the company's strategic handling of its convertible debt.
Moreover, Zillow's user engagement remained strong, with mobile app and site traffic rising by 3% year-over-year, reaching 204 million average monthly unique users. These figures indicate a healthy growth trajectory as the company gears up for 2025.
In summary, Zillow Group's fourth-quarter and full-year financial results embody a year of transformation with significant revenue growth, strategic expansion, and a solid brand presence in the evolving real estate landscape. With an optimistic outlook, Zillow is set to continue redefining the home-buying and selling experience for countless individuals through innovative digital solutions and dedicated service, marking both a milestone and an exciting future ahead.
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