Zillow Slashes 500+ Jobs as Housing Market Stalls, Stock Down 47% YTD
Z sits 24% above its 52-week low of $29.23.
Summary
Zillow is cutting over 500 jobs—about 7% of its workforce—as CEO Jeremy Wacksman pushes for a 'disciplined cost structure' amid a flat housing market. The layoffs come just a day before the company's Q2 earnings call, signaling urgency to address profitability. This follows a brutal year for the stock, down 47% year-to-date, with multiple analysts slashing price targets in the past month on AI and search-related concerns. The move also adds to a string of recent headwinds, including the loss of Chicago-area listings after MRED cut its data feed in May. The Q2 call on Wednesday will be critical for assessing whether cost cuts can offset revenue pressure.
At the time of this announcement, Z was trading at $36.18 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $8.3B. The 52-week trading range was $29.23 to $93.88. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.