After spending the last two years in the doghouse, online real estate player Zillow Group has bounced back, up more than 11 percent this year.
More people now type the word "Zillow" into Google than the words "real estate," Zillow's CEO Spencer Rascoff told Jim Cramer on Wednesday.
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Zillow's database features over 110 million profiles of U.S. homes, and generates revenues through advertising subscriptions aimed at real estate professionals, mortgage lenders and brand advertisers.
Rascoff attributed the success of his to the wide array of brands it covers, which include Zillow, Trulia, StreetEasy, Hotpads and Naked Apartments.
"The combination of that audience across all those brands are the reason that we are killing it," Rascoff said.
The combination of that audience across all those brands are the reason that we are killing it.Spencer RascoffCEO of Zillow
Rascoff says with Zillow's brands and audience, the company is now positioned to tap into the billions of advertising spent in and around the home.
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"Competitors will do what they're going to do on the business battlefield and in the courtroom; and we are going to do what we are going to do, which is innovate," Rascoff said.
Zillow has been locked in a battle with Move Inc., which made a move for sanctions against Zillow over trade secrets and personnel. On Wednesday, King County Superior Court ruled in Zillow's favor. Rascoff says mounting legal expenses from the lawsuit have not impacted the bottom line.
"It hasn't, fortunately, impacted our business results. We are still killing it; we are growing rapidly, but there is no question that we are spending a lot of money defending ourselves in this lawsuit," Rascoff said.
Zillow reported earnings in early May and painted a bullish picture for the rest of the year. That sent shares rallying more than 12 percent the next day. While the quarter was mixed, with a wide than expected earnings loss coupled with higher than expected revenue, management maintained strong guidance for the next quarter.
Going forward, Rascoff expects to continue to focus heavily on the mortgage lender and rental business.
"We are already the largest rental site on the web. Over 30 million people use our different sites to shop for a rental every month," he added.
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