Zillow to cut workforce 25% in 2022, after growing by more than 45% last year

Zillow Group Inc. Z, +13.55% ZG, +12.66% said it expects to cut its workforce by 25% this year, as a result of the previously announced wind down of Zillow Offers operations, but that followed a more than 45% jump in its workforce in 2021. In the real estate information company’s 10-K annual report filed late Thursday, Zillow said the job cuts will primarily go into effect during the first half of 2022. The company said it had 8,005 full-time employees as of Dec. 31, up 2,501, or 45.4%, from 5,504 employees at the end of 2020. A 25% reduction would put the workforce at about 6,004, which is still 9.1% above the 2020 level. Zillow’s stock shot up 13.8% in premarket trading, after the company reported late Thursday record fourth-quarter revenue that soared above expectations. It has dropped 24.6% over the past three months, while the S&P 500 SPX, -1.90% has eased 3.1%.