Zillow revenue soars as housing recovery boosts subscriptions

Wed Feb 12, 2014 4:40pm EST

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Feb 12 (Reuters) - Real estate website Zillow Inc reported a 70 percent rise in quarterly revenue as a recovering U.S. housing market boosted subscriptions.

Net income rose to $2.7 million, or 6 cents per share, in the fourth quarter, from $549,000, or 2 cents per share, a year earlier.

Revenue rose to $58.3 million from $34.3 million.

Zillow said paid subscriptions rose 64 percent to 48,314 in the quarter ended December. The company gets most of its revenue from subscriptions by real estate agents who list their properties on the site. (Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Don Sebastian)

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