Zillow is going to start answering questions about their quarterly financials using Facebook and Twitter. Earlier this month, the SEC approved the use of social media for talking about financials. It was first questioned when Netflix CEO Reed Hastings mentioned a company milestone on Facebook without reporting it in financial documents.
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Zillow has launched a new product called Zillow Digs. Zillow Digs is an iPad and web application that lets users share and find photos of home decor and remodeling projects. The user interface is very Pinterest-like.
Online real estate tracking company Zillow has acquired HotPads for $16 million in cash. This is Zillow’s sixth acquisition in under 2 years. Zillow previously acquired companies likes Mortech, Buyfolio, RentJuice, and PostLets. HotPads raised $2.3 million in funding 5 years ago from Meakem Becker Venture Capital and several other investors. HotPads receives around 2.8 million unique visitors. Zillow hits around 36 million monthly unique visitors.
Zillow has reported their Q3 earnings revenues recently. The company is reporting $31.9 million in revenues and earnings of 8 cents per share for the quarter ending September 30th. Zillow has revenues of $19.1 million and an earnings per share of 2 cents last year in the same quarter. Zillow made $23.6 million from the marketplace and $8.3 million from display advertising.
Zillow is one of the most popular online research estate search engines. Zillow has recently acquired Buyfolio, which is an online mobile and shopping platform company. Buyfolio allows New York home shoppers to search and track for-sale listings with their real estate engine. The terms of the acquisition are unknown.
Zillow is one of the most popular online real estate services for people to find properties in areas based on their estimated market value. Zillow has expanded their services by adding “pre-market inventory,” which means homes that have been foreclosed or are in the foreclosure process.
The online real estate search engine rivalry is intensifying. Zillow recently went public and they successfully raised nearly $150 million. Now they are suing Trulia for patent infringement. Trulia recently filed to go public and they are looking to raise $75 million. Zillow’s complaint is specifically around the “Zestimates” product, which values properties based on proprietary algorithms. Zillow said that Trulia is infringing on their patented technology by offering a similar service called “Trulia Estimates.”
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Some of the technology companies that have filed to have an IPO this year includes Zillow.com, Zynga, Groupon, and LivingSocial. Given Pandora and LinkedIn’s success on their recent IPO, it provided positivity and excitement for the aforementioned companies to go public. However today’s economy gives the stock market an entirely different perspective.
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