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SEATTLE NEWS ARCHIVES & FEATURES

Zillow reaches profitability; stock price leaps

Aug 25, 2011, 12:00 PM | Updated: Mar 4, 2016, 5:59 am

Tom Kelly's Profile Picture

BY TOM KELLY


Former MyNorthwest.com Content Contributor

Seattle-based Zillow, coming off an initial public offering in July, announced it had hit profitability for the first time.

The real estate search and valuation site recorded net income of $1.6 million in the second quarter.

“The second quarter was outstanding for Zillow with record revenues, traffic and mobile usage,” said Spencer Rascoff, Zillow’s CEO, in a press release. “We’re extremely pleased with our progress and rapid growth, yet we believe we’ve only scratched the surface of our opportunity.”

Zillow raised $75.7 million in its initial public offering July 20. The stock price was up nearly 21 percent today to nearly $32. The company’s initial offering price was $20 per share.

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