ZipRealty posts $2.1M Q4 loss

Join Inman News! Sign In Shopping Cart Home News Video FOREM Brad's Blog Opinion Columnists Conferences Store About Us News Free Daily Headlines RSS Feeds Syndication Home ZipRealty posts $2.1M Q4 loss Company projects up to 20% revenue growth in 2010 By Inman News, Wednesday, March 10, 2010. Inman News

In the final three months of the year, the Emeryville, Calif.-based brokerage company handled 6,355 transactions, a 46.6 percent increase from the same period a year ago.

Revenue was up less dramatically, growing 35.4 percent to $33.9 million, as average net revenue per transaction fell by 7.6 percent from a year ago, to $5,199.

ZipRealty nevertheless posted a $2.1 million loss for the quarter, down from $2.7 million a year ago.

At the end of the year, the company employed 3,085 agents, up 9.5 percent from the same time a year ago, but down 3.7 percent from the 3,205 agents employed at the end of September.

In a press release, ZipRealty President and Chief Executive Officer Pat Lashinsky said the company is committed to continued growth in market share and listings, and will target referral revenue by "partnering with brands that are relevant to our growing user base."

He said key metrics driving the improved results for 2009 included record Web site visits, higher agent productivity and growing transaction volumes.

ZipRealty expects the trend to continue, projecting that net revenues for 2010 will grow between 10 percent and 20 percent over 2009 levels, and that the company will continue to narrow its net loss.