According to sources at the company, about 300 employees have been laid off as the company focuses on technology related positions.
On Tuesday, the online real estate marketplace informed its employees about the decision. The employees left the company after they received the communication. As a result of the layoffs, the sales and back-end staff at Zillow Home Loans, as well as other teams, were impacted.
We constantly evaluate and manage our resources as we create digital solutions to make it easier for people to move. We made a difficult decision this week to eliminate a small number of roles and shift those resources to key growth areas around our housing app. The company is still looking for key technology-related roles.
The company did not say how many of its workers were affected. In its last quarterly report, the company reported that it had 5,791 full time employees. Around 5% of employees have been affected by the layoffs.
In November of last year, Zillow announced that it would lay off 25% of its staff due to the shutting down of its home-buying service. There were 8,000 employees at the time.
What does Zillow’s exit tell us about the health of the iBuying market?
Some tech companies are laying off employees during the economic downturn. The workforce reduction was due to an ongoing push for efficiency. Similar decisions have been made by companies recently. Hundreds of employees have been let go by Indian startup including Byju's.
A troubling startup layoff trend has emerged
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