Zillow, Inc. (NASDAQ: Z) reported Q1 EPS of $0.02, $0.10 better than the analyst estimate of ($0.08). Revenue for the quarter came in at $66.2 million versus the consensus estimate of $63.21 million.

Operating and Business Highlights

• Zillow continues to grow its audience and increase its market share. Average monthly unique users during the first quarter of 2014 reached a record 70.7 million, up 51% year-over-year. Traffic to Zillow on mobile and Web peaked in the quarter in March with nearly 77 million unique users, and April was another record with nearly 79 million monthly unique users, an increase of 50% year-over-year.
• During the first quarter of 2014, visits to Zillow via a mobile device nearly doubled year-over-year, and in April 2014, more than 460 million homes were viewed on Zillow via a mobile device, which equates to 178 homes per second.
• Premier Agent subscribers increased by 4,654 in the first quarter of 2014, and totaled 52,968 as of March 31, 2014, up 56% year-over-year. Average monthly revenue per subscriber in the first quarter of 2014 was a record $286, representing an increase from $259 in the same period last year. Nearly 60% of new Premier Agent sales in the quarter came from existing Premier Agents buying more advertising.
• Zillow recently introduced the Zestimate® forecast, which builds on the company's proprietary Zestimate to forecast what a specific home will be worth in 12 months. Zillow initially launched the unique Zestimate forecast on 50 million homes, with plans to roll out to the majority of U.S. homes.
• Zillow Mortgage Marketplace continued to grow during the first quarter with 5.8 million loan requests submitted by borrowers, up 29% year-over-year, as reviews of lenders reached nearly 75,000. During the quarter, Zillow also introduced Mortgage Pre-Approval, a new tool that enables qualified home shoppers on Zillow to get pre-approved for a mortgage quickly and easily, and receive a personalized pre-approval letter in a matter of minutes.
• The Zillow® Pro for Brokers program exceeded more than 1,000 brokerage partners nationwide during the first quarter of 2014. Launched in June 2012, Zillow Pro for Brokers is a free, five-point program that improves listings accuracy, provides better reporting, includes a powerful contact follow-up system and increases the visibility of listing agents for participating brokerages.
• During the quarter, Zillow added a new layer of product integration into various television shows, including NBC's primetime home renovation show, American Dream Builders, as well as an integration with cult-favorite Portlandia on cable channel IFC, and continued work with HGTV.

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