August is only one week old, but the month has already seen layoffs at a number of high-profile tech companies.
Zillow plans to lay off “just over 500 employees,” or about 7% of its workforce, as part of a company-wide restructuring. The Seattle-based online real estate company had 7,058 employees as of March 31.
Newly pending sales fell sharply from June as mortgage rates hit their highest point in a year, signaling that July's sales bump may not last Home sales rose 7% year over year in July, the strongest annual gain of the year, according to Zillow's July Market Report. This largely represents transactions in which an offer was accepted in June.
SEATTLE--(BUSINESS WIRE)---- $Z #Zillow--Hagens Berman alerts homebuyers of a class-action lawsuit against Zillow alleging "deceptive" practices and policies increasing home loan costs.
Zillow Group's second-quarter revenue rose 18% to $772 million, but a $36 million restructuring charge from this week's layoffs pushed the company to a $4 million net loss.
The company posted a loss of $4 million as restructuring costs of $36 million weighed on the bottom line despite higher revenue.
Zillow reported a net loss of $4 million on $772 million in revenue in the second quarter. Analysts had expected $21 million in net income on $758 million.