In a statement this week, Chief Executive Rich Barton said Zillow had failed to predict the pace of home-price appreciation accurately, marking an end to a venture the company once said could generate $20b a year. Instead, the company said it now plans to cut 25% of its workforce.
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Zillow quits home-flipping business, cites inability to forecast prices
“We’ve determined the unpredictability in forecasting home prices far exceeds what we anticipated and continuing to scale Zillow Offers would result in too much earnings and balance-sheet volatility,” Mr. Barton said.
