Summary by Moomoo AI
Zillow Group reported Q2 2024 revenue of $572 million, up 13% year-over-year, driven by growth across its Residential, Rentals and Mortgages segments. Net loss narrowed to $17 million from $35 million in Q2 2023. Adjusted EBITDA rose 21% to $134 million.Residential revenue increased 8% to $409 million on higher visits and revenue per visit. Rentals revenue jumped 29% to $117 million due to growth in multifamily listings. Mortgages revenue surged 42% to $34 million as loan origination volume more than doubled to $759 million.Zillow ended the quarter with $2.6 billion in cash and investments. The company repurchased $301 million of stock and partially repurchased $89 million of convertible notes during the first half of 2024. Management expects continued revenue growth in Q3 as it increases marketing to support business expansion.
