“Look, similar to other technology companies that have gone before us, we strongly believe in taking big swings and failing fast. We have learned from our experience in Zillow Offers in Q3 and are applying those learnings as we look ahead.”
Those were Zillow CEO Rich Barton’s closing remarks on Tuesday’s earnings call, after the CEO shockingly announced the wind down of the Zillow Offers iBuying program, plus a pending lay off of 2,000 employees.
Is Zillow a technology company that may yet dominate U.S. real estate? Or is it a 16-year-old business good at aggregating home listings, but bad at developing beyond that? Here are five takeaways from yesterday’s news.