Zillow Group posted a quarterly loss of $53 million.
The company reported during its earnings call that it lost $53 million last quarter as the market slowed. The news comes a week after it jettisoned 300 employees, the second major round of layoffs at the proptech giant this year.
Despite the declines, it exceeded expectations, which had company executives sounding upbeat on the call. Revenue from the rental side was another positive, increasing 10 percent over the third quarter last year, as would-be buyers are increasingly pushed back into the rental market by rising mortgage rates
But things could get worse before they get better, executives said. Revenue from Premier Agent — a lead-generation tool that lets brokers pay to supplant the listing agent when buyers view a listing — fell 27 percent last quarter from a year ago.
“The set-up to begin 2023 in housing looks challenged,” Barton said, before adding, “Sixty million homes should trade hands over the next 10 years and that’s the basis of the long-term opportunity in front of us.”