Zillow Group Inc. laid off 300 employees as the company contends with a slowing housing market.
A spokesperson for the company said Zillow eliminated roles in several lines of business including Premier Agent, the company’s core advertising service. The cuts account for 5% of its workforce of 5,791 full-time employees as of the end of June.
Zillow is the latest real estate company to shrink its workforce in recent months as the housing market has cooled. Compass Inc. laid off employees in September after an earlier round of job cuts this year. Redfin Corp. has also cut jobs this year.
“This week, we’ve made the difficult—but necessary—decision to eliminate a small number of roles and will shift those resources to key growth areas around our housing super-app,” Chrissy Roebuck, a Zillow spokesperson, said in an emailed statement. The company is “still hiring in key technology-related roles.”
Zillow stock fell 1% to $30.89 at 1:38 p.m. in New York, extending this year’s decline to nearly 52%. The company is set to report third-quarter results next week. TechCrunch reported the news of the layoffs earlier.
This article was provided by Bloomberg News.