Summary by Moomoo AI
Zillow Group reported strong Q3 2024 results, with total revenue up 17% YoY to $581 million, exceeding guidance. Residential revenue grew 12% to $405 million, Rentals revenue increased 24% to $123 million, and Mortgages revenue surged 63% to $39 million. The company's performance outpaced the overall real estate market.Adjusted EBITDA reached $127 million, or 22% of revenue, surpassing expectations. Cash and investments stood at $2.2 billion at quarter-end. Traffic to Zillow's platforms increased, with 233 million average monthly unique users and 2.4 billion visits in Q3, up 1% and 3% YoY respectively.CEO Jeremy Wacksman highlighted Zillow's execution of its strategy to serve various stakeholders in the real estate industry. The company continues to invest in technology solutions to build an integrated transaction experience, aiming to drive adoption of its services and increase revenue.
