Summary by Moomoo AI
Zillow Group announced the promotion of Jeremy Wacksman from COO to CEO, effective immediately after filing Q2 results. Co-founder Rich Barton will transition to co-executive chairman alongside Lloyd Frink. The company reported Q2 revenue of $572 million, up 13% YoY and exceeding expectations.Residential revenue grew 8% YoY to $409 million, outperforming industry trends. Rentals revenue surged 29% to $117 million, driven by 44% growth in multifamily. Mortgages revenue increased 42% to $34 million on strong purchase loan volume. The company posted a net loss of $17 million, while Adjusted EBITDA rose to $134 million, or 23% of revenue.Zillow maintained a strong financial position with $2.6 billion in cash and investments. Traffic remained stable at 231 million average monthly unique users, with visits up 4% YoY to 2.5 billion. The company reaffirmed its 2024 outlook for double-digit revenue growth and modest Adjusted EBITDA margin expansion.
