The deal coincides with a record quarter for Zillow. The Seattle-based listings giant reported record profits in the fourth quarter of 2020, with $46 million in net income with $789 million in revenue. It lost $101 million during the same period the prior year.
In what CEO Rich Barton described as the “scariest of roller-coaster rides that was 2020,” Zillow’s full-year revenue soared 22 percent to $3.3 billion, compared to $2.7 billion in 2019. It lost $162 million for the year, down from $305 million after it temporarily suspended home-buying, a capital intensive business, during the first half of the year.
By summer, home sales surged and Zillow was among the beneficiaries of the tide shift.