- Zillow Group Inc (NASDAQ: Z) (NASDAQ: ZG) has made a couple of major announcements. These are the details.
Zillow Group Inc (NASDAQ: Z) (NASDAQ: ZG) has made a couple of major announcements. The company announced its fourth-quarter earnings. And it announced that it acquired ShowingTime for $500 million.
For the quarter, Zillow reported $170 million in adjusted EBITA, which was well above the consensus of about $125 million. The consolidated fourth-quarter revenue of $789 million and revenue for each segment exceeded the high end of the company’s outlook for the fourth quarter. And full-year 2020 consolidated revenue grew 22%, despite the negative impact of COVID-19 on results during the first half of 2020.
The traffic to Zillow Group’s mobile apps and websites reached a fourth-quarter record of 201 million average monthly unique users, an increase of 16% year over year, driving 2.2 billion visits during the quarter — up 27% year over year. And the company reported a record 9.6 billion visits for the full year 2020, up 19% year over year. And Zillow exited 2020 with cash and investments of $3.9 billion.
“Zillow’s strong results reflect exemplary execution and continued growth during the scary roller-coaster ride that was 2020,” said Zillow Group co-founder and CEO Rich Barton in a statement. “Many Americans who had previously dreamed of moving now have the flexibility to do so, and they flocked to Zillow in record numbers. We are investing aggressively in new technology and services to help them move. Our customers are hungry for the kind of seamless experience that we can now provide at Zillow, and we are poised to capitalize on our strong position in 2021.”
Zillow also announced it acquired a real estate showing management company ShowingTime for $500 million. Going forward, Zillow will continue running ShowingTime as an open platform.
“We have been impressed with ShowingTime’s ability to simplify a cumbersome but critical part of the home shopping experience by integrating with MLSs, agents and brokers, and giving buyers’ agents an easier way to schedule showings with listing agents,” explained Errol Samuelson, Chief Industry Development Officer at Zillow Group. “ShowingTime will remain an open platform available to all industry participants, and we expect to grow ShowingTime’s engagement through all channels to ensure touring is easier for the industry and consumers.”
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