$Zillow-C (Z.US)$ Zillow reported earnings after the bell ye...

Zillow reported earnings after the bell yesterday, officially exiting its iBuyer business (which it had previously announced was on hold) and cutting 25% of its workforce.

The reason for withdrawal is that its pricing model is not accurate + its own poor operational efficiency + labor cost upward. Among the three ibuyers, Zillow's gross profit rate has always been the lowest, which is due to the former and the latter, while labor cost makes its model even less attractive. Cc mediators may be waiting for "economies of scale" in their models, but that's far off.