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Zillow lays off hundreds as part of 'growth strategy'
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Zillow is laying off hundreds of employees as part of its growth strategy, CEO Jeremy Wacksman announced Tuesday.
Processing ContentMore than 500 Zillow employees, or about 7% of its workforce, were let go, one of the steepest staff cuts in company history, behind a 25% slice following the end of its Zillow Offers service in 2021.
On an adjusted basis, Zillow recorded $118 million in net income, or 52 cents per share, up from expectations of 45 cents per share.
In the first quarter, Zillow exceeded expectations by 15.2%, posting an earnings per share of 53 cents.
Recent legal troubleZillow has been accused multiple times this past year of steering buyers to its mortgage unit, Zillow Home Loans.