After betting heavily on iBuying, Zillow Group’s revenue more than doubled in 2019 to $2.7 billion, the company said Wednesday.
Just 20 months after buying its first home, the Seattle-based listings giant said revenue from its Homes segment topped $1.365 billion in 2019, compared to just $52.4 million in 2018.
But the company also lost $305.4 million last year, including $101.2 million during the fourth quarter. By comparison, Zillow lost $119.9 million last year.
Overall, Zillow reported fourth-quarter revenue of $943.9 million. Homes accounted for $603.2 million of revenue, up 57 percent from the prior quarter.
During the fourth quarter, Zillow said it purchased 1,787 homes and sold 1,902 homes. It has 2,707 homes in its inventory.
Premier Agent, Zillow’s lucrative agent advertising feature, pulled in $233.5 million in fourth-quarter revenue, up 6 percent year over year.
This story will be updated with further details from Zillow’s earnings call.