Zillow is laying off another 19 staff in Tampa as the business continues to wind down its home-buying Zillow Offers program.
The fresh layoffs raise the total number of people losing their jobs at the company’s office to 37.
Zillow said on November 17 Tampa employees would be laid off as a result of the company’s decision to discontinue the offer program.
In total, the decision resulted in the layoff of around 25 percent of the company’s personnel.
The first group of layoffs began Monday, January 3.
An interim general manager, three field renovation managers, four renovation estimators, and 11 renovation superintendents are among those who may lose their positions in the current round of layoffs.
The Seattle-based company publicized in an earnings statement in October it was shutting down the service where it would buy homes and then resell them.
Zillow Group Co-Founder and CEO Rich Barton said: “We’ve determined the unpredictability in forecasting home prices far exceeds what we anticipated and continuing to scale Zillow Offers would result in too many earnings and balance-sheet volatility. “at the time that the decision was made.
Zillow reported $3.9 billion in revenue for the fourth quarter and $8.1 billion for the year on Thursday, February 10.
Zillow employs approximately 8,000 people.
Source: Business Observer