Financial News
Zillow Stock Went Down Because the Real Estate Platform Is Said to Be Cutting 300 Jobs as It Shifts Its Focus to Tech Hires
Zillow Stock (NASDAQ:Z) (NASDAQ:ZG)
According to TechCrunch on Wednesday, citing persons familiar with the matter, Zillow (NASDAQ:Z) (NASDAQ:ZG) has cut off 300 employees as the real-estate firm shifts its recruiting emphasis toward the technology- and engineering-related professions. As a result, Zillow stock plunged in the market.
This is not unexpected, given Zillow said in November 2021 that it would be discontinuing its Zillow Offers iBuying Service and laying off around 25% of its staff. Globally speaking, several IT companies have laid off workers due to the ongoing economic crisis.
“As part of our standard operating procedure, we routinely assess and prudently manage our resources as we develop digital solutions to reduce the burdens associated with relocation. We’ve taken the tough but necessary choice to cut a few positions this week so that we may focus on expanding our housing-related super-app. An official Zillow’s spokesman informed Seeking Alpha via email, “We’re still recruiting in important technology-related areas throughout the firm.” The spokesperson also said that the company is looking for about 300 positions in technology and engineering.
As reported by TechCrunch, Zillow Offer advisors, PA salespeople, and Zillow Home Loans back-end employees were all impacted by the company’s recent round of layoffs.
It was unclear what of its workforce would be affected by the decision. Zillow stock reported 5,791 full-time employees in its Q2 earnings release. Thus around 5% of those workers have been affected by the layoffs.
Zillow stock fell 0.9% today, bringing their yearly loss to -68%.
Due to the company’s pessimistic outlook, Wedbush previously (on August 5th) lowered Zillow stock to Neutral.
Featured Image- Megapixl @ Andreistanescu
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