Q3 2024 Zillow Group Inc Earnings Call Transcript
Key Points
- Zillow Group Inc (Z) reported a 17% year-over-year revenue growth in Q3 2024, outperforming the residential real estate industry.
- The company saw a 24% year-over-year increase in rentals revenue, with multifamily rentals revenue up 38%, driven by growth in multifamily property count.
- Zillow Home Loans experienced significant growth, with purchased loan origination volume up 80% year over year, contributing to a 63% increase in mortgages revenue.
- The company successfully expanded its enhanced markets, surpassing its goal with 43 markets, which contributed to increased connection and conversion rates.
- Zillow's investments in technology, such as ShowingTime and Follow Up Boss, are driving improved connection rates and enhancing the customer experience.
- Despite strong revenue growth, Zillow Group Inc (Z) reported a GAAP net loss of $20 million for Q3 2024.
- The housing market remains challenging due to affordability issues, which could impact future growth.
- Zillow's fixed cost base remains high, with a $1 billion annualized run rate, which could pressure margins if revenue growth slows.
- The company faces potential risks from regulatory changes, such as those related to the National Association of Realtors settlement.
- Zillow's strategy involves significant investments in marketing and technology, which may not yield immediate returns and could affect short-term profitability.
Hello, and welcome to Zillow's third-quarter 2024 financial results call. (Operator Instructions)
Also as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time. Brad, you may begin.
Thank you. Good afternoon, and welcome to Zillow Group's third-quarter 2024 call. Joining me today to discuss our results are Zillow Group's CEO, Jeremy Wacksman; and CFO, Jeremy Hoffman.
During today's call, we will make forward-looking statements about our future performance and operating plans based on expectations and assumptions. These statements are subject to risks and uncertainties, and we encourage you to consider the risk factors described in our SEC filings for additional information.
We undertake no obligation to update these statements as a result of new information or future events, except as required by law. This call is being broadcast on the Internet and is accessible on our Investor Relations website. A
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
