In short: Not owned; "think about how at risk Zillow is." A housing agent like Muse can already search listings, model trade-offs, schedule tours, compare neighborhoods, monitor price changes and gather disclosures — "how are these companies going to compete when an agent baked in already does all of this?"
Zillow's value is helping you search and compare homes. An agent can already search listings, compare neighborhoods, book tours, watch for price drops and gather documents for you — so the reason to open Zillow shrinks. He sees it as very much at risk.
26:37Think about how at risk Zillow is. A housing agent, one like Muse, could search listings, model trade-offs, schedule tours, compare neighborhoods, monitor price changes, and gather disclosures. They're already capable of doing all of this. You can have it keep track of prices of items or multiple things. You can have it remind you of things.
In short: Growth without traffic. Q2 revenue +18% Y/Y to $772M (a $14M beat) with adjusted EPS $0.52 ($0.07 beat) and adjusted EBITDA $176M against ~$161M consensus, despite $36M of restructuring and impairment costs. Rentals remained the standout at +31% to $209M, Residential +7% to $465M despite a weak housing market, and Mortgages +75%. The problem is the top of the funnel: average monthly unique users fell 2% to 239 million and visits declined 2% to 2.5 billion. Management's defence is that roughly 80% of traffic still arrives directly, limiting search dependence, while AI-powered experiences get users viewing more homes and contacting agents more often — and Zillow is extending into ChatGPT and Gemini, "treating AI platforms as another acquisition channel rather than purely a threat." The cost base got another reset: ~500 roles eliminated and CFO Jeremy Hofmann's remit expanded to include COO after Jun Choo stepped down for health reasons. Q3 revenue guidance of $745–$760M fell below the ~$773M consensus, partly because mortgage originations are now expected to decline; FY26 revenue $2.92–$2.96B (13–15% growth). "But can this revenue growth sustain without requiring audience growth?" A disclosed author holding.
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