Zillow Group to wind down Zillow Offers; Q3 net loss of $328M and $304M inventory write-down

ZILLOW GROUP, INC.

Consolidated Q3 revenue $1.74B; GAAP net loss $328M vs. year-ago net income $40M.
Zillow Offers iBuying business to be wound down due to home-price unpredictability; ~25% workforce reduction.
Homes segment recorded $304M inventory write-down; expects $240M-$265M additional losses on homes under contract.
IMT segment revenue grew 16% YoY to $480M and generated $130M segment profit.
Total wind-down costs expected $175M-$230M, mostly in Q4 2021 and H1 2022.

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