Zillow CEO Rich Barton (Credit: iStock)
Zillow Group revenue soared 51 percent during 2019’s first quarter, bolstered by the company’s growing iBuying program, the company reported Thursday.
But the company’s net loss also ballooned to $67.5 million, compared to $18.6 million a year ago. Its total revenue for the quarter rose to $454.1 million, up from $299.8 million a year prior.
The bulk of Zillow’s losses during the quarter were in its Homes segment, which includes Zillow Offers.
In a statement, co-founder and CEO Rich Barton said Zillow Offers has experienced “incredible consumer demand.” Its “rapid growth gives us confidence we’re in the early stages of something important,” he said.
The Seattle-based listings giant — which entered the iBuying fray last year — said it sold 414 homes during the first quarter, a 200 percent year-over-year jump. Those deals brought in $128.5 million in revenue.
Zillow company purchased 898 homes during the quarter and is planning to launch in six more markets by the end of next year’s first quarter.
Meanwhile, Premier Agent revenue rose 2 percent to $217.7 million.
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