NEW YORK (TheStreet) -- Zillow Group (Z) continues to work on integrating its recently acquired online real estate rival Trulia, with first-quarter results proving the deal has proved a success, at least initially.
"The big thing for the quarter is we're on track to integrate by the end of the year setting up for an exciting 2016," CEO Spencer Rascoff said in an interview.
"We feel great about the full year guidance we gave a month ago and we're reaffirming that today," he said. "We've continued to see success with more [multiple listing services] coming on board, adding 47 MLS's in the past four weeks and 235 since the start of the year. So we're continuing to build momentum."
Seattle-based Zillow earned an adjusted 5 cents a share on $127.3 million in GAAP revenue, up 92% year over year; pro forma revenue, which is a more accurate comparison, however, rose 35% year over year, to $162.5 million, in the first quarter.
The company's real estate segment experienced a 54% jump in revenue year over year, to $113.4 million. Adjusted Ebitda came in at $16.7 million, more than the $8.1 million expected by analysts surveyed.
Analysts surveyed by Thomson Reuters were expecting an adjusted loss of 11 cents a share on $135.67 million in GAAP revenue.
At the end of the first quarter, Zillow Group had a total of 103,415 agent advertisers, including those acquired through the Trulia purchase. The average revenue per advertiser (or ARPA) was $354 at the end of the quarter.