Zillow Group, Inc. reported a total revenue of $2.236 billion for the fiscal year ended December 31, 2024, marking a 15% increase from $1.945 billion in 2023. The company's gross profit also rose to $1.709 billion, up from $1.524 billion, reflecting a 12% year-over-year growth. Despite this revenue growth, Zillow recorded a net loss of $112 million, an improvement from the $158 million loss reported in the previous year. The increase in revenue was primarily driven by a 10% rise in residential revenue, which reached $1.594 billion, and a significant 51% increase in mortgages revenue, totaling $145 million.
In terms of operational metrics, Zillow's total visits to its platforms increased by 4% to 9.3 billion in 2024, while the average monthly unique users remained stable at 221 million. The company also reported a 27% increase in rentals revenue, which reached $453 million, driven by a rise in both revenue per visitor and the number of unique visitors to its rental listings. The company's strategic focus on enhancing its digital solutions and expanding its market presence contributed to these positive trends.
Zillow made significant strategic moves during the year, including the acquisition of Follow Up Boss, a customer relationship management system for real estate professionals, for $399 million in cash and contingent consideration. This acquisition aligns with Zillow's strategy to enhance its software offerings and improve the integrated experience for its users. Additionally, the company acquired Aryeo, a software company serving real estate photographers, and Spruce, a tech-enabled title and escrow platform, further expanding its service capabilities.
The company reported a total employee headcount of 6,856 as of December 31, 2024, reflecting its commitment to investing in human capital to support growth. Zillow's cash and cash equivalents decreased to $1.082 billion from $1.492 billion in the previous year, while its total assets were reported at $5.829 billion, down from $6.652 billion. The company remains focused on managing its costs while pursuing growth opportunities, particularly in its mortgage and rental segments.
Looking ahead, Zillow anticipates continued challenges in the housing market, influenced by factors such as interest rate volatility and housing supply constraints. The company plans to leverage its technological advancements and strategic partnerships to navigate these challenges and drive future growth. Zillow's management remains optimistic about its ability to connect consumers with real estate professionals and enhance the overall customer experience in the residential real estate market.
About ZILLOW GROUP, INC.
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