Zillow cuts 500 jobs, about 7% of workforce, ahead of Q2 earnings report.

Zillow announced it is laying off over 500 employees, roughly 7% of its workforce, as part of organizational changes to improve efficiency and cost structure. CEO Jeremy Wacksman emphasized that despite a flat housing market, Zillow's platform continues to outperform its category and deliver strong growth. The layoffs aim to position the company for future success by ensuring the right people are in the right roles. Zillow is set to report its second-quarter earnings on August 5, following a strong first quarter with 18% revenue growth year over year.