Zillow Lays Off Over 500 Employees, Citing Flat Housing Market
Online real estate company Zillow announced plans to lay off "just over 500 employees," or approximately 7% of its workforce, citing a challenging market. This marks the second round of significant job cuts this year.
Zillow plans to eliminate "just over 500" positions, representing about 7% of its total workforce, as the company restructures amidst a stagnant housing market. The Seattle-based firm had 7,058 employees as of March 31.
CEO Jeremy Wacksman stated in a company blog post that the layoffs are a response to a "flat housing market" and the need for increased efficiency. "These changes are about ensuring we have a disciplined cost structure and getting more efficient, with the right people in the right positions," Wacksman said.
This is the second major round of layoffs for Zillow in 2024. The company previously cut 200 roles, or 3% of its staff, in January following annual performance reviews.
The announcement comes ahead of Zillow's second-quarter earnings report. The company reported strong first-quarter results, with revenue up 18% year-over-year.
Zillow is a key player in the online real estate market, competing with companies like Compass. Compass has previously filed lawsuits alleging Zillow engages in anticompetitive practices.