Zillow Group, Inc. reported significant financial developments in its Q3 2024 10-Q filing, highlighting a robust increase in revenue and improvements in profitability metrics compared to the previous fiscal period. For the three months ended September 30, 2024, Zillow generated total revenue of $581 million, a 17% increase from $496 million in Q3 2023. This growth was driven by a 12% rise in residential revenue, which reached $405 million, and a notable 63% increase in mortgages revenue, totaling $39 million.
For the first nine months of 2024, total revenue was $1,682 million, up 14% from $1,471 million in the same period of 2023. The residential segment contributed $1,207 million, reflecting a 9% increase, while rentals revenue surged by 28% to $337 million. The company also reported a significant 106% increase in total loan origination volume, reaching $2.2 billion.
Despite the revenue growth, Zillow experienced a net loss of $(20) million in Q3 2024, an improvement from a $(28) million loss in Q3 2023. For the nine-month period, the net loss was $(60) million, compared to $(85) million in the prior year. Adjusted EBITDA for the nine months increased to $386 million, up from $322 million.
Total operating expenses for Q3 2024 were $486 million, an increase from $439 million in Q3 2023, primarily due to higher sales and marketing costs. For the nine months, operating expenses rose to $1,417 million from $1,330 million, with sales and marketing expenses increasing by 19% to $588 million.
Zillow's balance sheet showed total current assets of $2,669 million as of September 30, 2024, down from $3,149 million at the end of 2023. However, total liabilities decreased significantly to $1,503 million from $2,126 million, leading to an increase in shareholders’ equity to $4,656 million.
Strategically, Zillow made notable acquisitions, including Follow Up Boss for $399 million in December 2023, aimed at enhancing its software offerings for real estate agents. The company also acquired Aryeo and Spruce earlier in 2023, further expanding its capabilities. As of September 30, 2024, Zillow had 6,835 employees, up from 6,263 at the end of 2023, indicating a focus on growth and expansion.
The company continues to navigate challenges such as high mortgage interest rates and inflationary pressures affecting operational costs. Despite these challenges, Zillow remains committed to investing in technology and marketing to drive future growth.
About ZILLOW GROUP, INC.
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