(Bloomberg) -- Zillow Group Inc. reported better-than-expected results for the first quarter, as the white-hot housing market fueled the company.
- Zillow posted adjusted earnings before interest, taxes, depreciation and amortization of $181 million, according to a statement Tuesday. That beat the average analyst estimate of $131 million.
- Zillow’s core marketing business, Premier Agent, surged in the first quarter, as consumers visited the company’s apps and websites 2.5 billion times. Premier Agent, which sells leads to real estate agents, brought in $334 million, up 38% from the year before.
- The surging housing market didn’t stop the company from acquiring houses for its nascent home-flipping business. It acquired 1,856 homes in the quarter, the most since the third quarter of 2019. The company makes light repairs to the homes and then lists them for sale. The operation, known as Zillow Offers, lost $58 million in the first quarter.
- “We’re seeing a record number of people raise their hands and say they want a Zillow Offer,” Chief Executive Officer Rich Barton said in an interview. ““Speed, certainty and convenience are reliable bets, even in a hot market.”
- Zillow shares jumped in late trading. The stock had slipped 8.9% this year through Tuesday’s close, after nearly tripling in 2020.
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