Due primarily to planned increases in advertising expenses, GAAP net loss was $1.2 million in the third quarter of 2013, compared to GAAP net income of $2.3 million in the third quarter of 2012. Included in our GAAP earnings is a one-time tax benefit of $4.3 million related to the acquisition of StreetEasy.
Adjusted EBITDA was $4.1 million, or 8% of revenue, compared to $7.6 million in the third quarter of 2012, or 24% of revenue. This year-over-year change is primarily due to our previously announced investment in advertising. Additionally, Adjusted EBITDA for the quarter exceeded the previously announced business outlook, due primarily to higher-than-projected revenue flowing through to the bottom line.
Basic and diluted GAAP loss per share was $0.03, compared to basic and diluted GAAP earnings per share of $0.08 and $0.07, respectively, in the same period last year. Basic and diluted non-GAAP net loss per share was $0.05, compared to basic and diluted non-GAAP net income per share of $0.13 in the same period last year, which excludes share-based compensation and the one-time tax benefit.
Zillow, Inc. Reports Record Third Quarter 2013 Results
Record Revenue of $53.3 million, up 67% over third quarter 2012.
Record Marketplace Revenue of $40.9 million, up 73% over third quarter 2012.
Record quarterly and all-time traffic, with nearly 64 million monthly unique users on mobile and Web in August 2013 (up 75% year-over-year).
Premier Agent count grew 68% year-over-year, adding a record 5,942 new subscribers during the quarter.
SEATTLE, Nov. 5, 2013 (GLOBE NEWSWIRE) -- Zillow, Inc. (Nasdaq:Z), the leading real estate and home-related marketplace, today announced financial results for the quarter ended September 30, 2013.
"The third quarter was another extremely strong one for Zillow®, as we exceeded our outlook and delivered record results. We made significant progress toward our priorities to grow audience, grow our Premier Agent business and grow our emerging marketplaces," said Spencer Rascoff, CEO of Zillow, Inc. "It was also a momentous quarter for our brand as we hosted an unprecedented nationwide event with President Obama. We acquired New York City's number one real estate website, StreetEasy®. Additionally, we experienced a significant positive impact during the peak of the home shopping season from our first-ever national brand advertising campaign."
Third Quarter 2013 Financial Highlights
Revenue increased 67% to a record $53.3 million from $31.9 million in the third quarter of 2012.
* Marketplace Revenue increased 73% to a record $40.9 million from $23.6 million in the third quarter of 2012.
-- Real Estate Revenue grew 67% to $35.1 million from $21.0 million in the third quarter of 2012.
-- Mortgages Revenue grew 120% to $5.7 million from $2.6 million in the third quarter of 2012.
* Display Revenue increased 50% to $12.4 million from $8.3 million in the third quarter of 2012.
Due primarily to planned increases in advertising expenses, GAAP net loss was $1.2 million in the third quarter of 2013, compared to GAAP net income of $2.3 million