Real estate marketplace Zillow reported its Q2 2014 financial results today. The company reported revenue of $78.7 million — up 68% over the second quarter of 2013 — but a non-GAAP net loss per share of $0.05. GAPP net loss was about $10.5 million compared to $10.2 million in Q2 2013. The Wall Street consensus was that it would post revenue of about $76.52 million and a loss per share of around $0.04.
In the last quarter, the company reported revenue of $66.2 million, which was well over the Wall Street consensus. Basic and diluted GAAP loss per share for the first quarter was $0.16 and $0.26 in Q2 2014. At the time, the company also raised its full-year sales outlook to $304 to $308 million. Today, it raised its expectations again, to $321 million to $323 million.
Traffic to Zillow grew from the 79 million it reported for April to 89 million in July, a 45% year-over-year increase. The company also announced that its mobile traffic doubled year-over year. In total, more than 586 million homes were viewed on the company’s mobile sites and apps in July — that’s 212 homes per second.
“We had our strongest quarter yet with record consumer traffic and record revenue and bookings by Premier Agent advertisers,” said Spencer Rascoff, Zillow CEO. “Our deliberate focus on high- performing agents and their teams drove the significant increase in orders, and has prompted us to increase our full-year outlook. Advertisers are clearly following audience, and we’re continuing to reinvest in the business to get the flywheel to spin even faster.”
The majority of Zillow’s revenue comes from its Marketplace, which accounted for $62.6 million or 72% of its total revenue. Over time, the company’s tools for real estate agents have also become a more important part of its services. In the last quarter, the company reported that its Premier Agent service had 52,969 subscribers. This number has now grown to 56,818 and the average revenue per agent is now $320, up from $266 in the year-ago quarter.
While the company announced a number of product updates over the last quarter, its most spectacular move has obviously been the $3.5 billion acquisition of Trulia, which is expected to close in 2015. It also recently acquired Retsly, a service that helps developers access real estate listing and it has worked out deals with multiple listing services to get direct access to their real estate listings.