Zillow Group laid off just over 500 employees on Tuesday — about 7% of its workforce — marking its largest and second round of job cuts this year, according to a company email reported by multiple outlets.
CEO Jeremy Wacksman announced the cuts in a message to staff, saying the restructuring is intended to "ensure cost efficiency and future growth." The layoffs come one day before the company reports second-quarter earnings and follow a first-quarter report in which revenue rose 18% year over year to $708 million.
The cuts hit employees across nearly all levels of the company, according to Inman. Zillow, the online real-estate marketplace, had previously reduced its workforce in a smaller round earlier in 2026. The company employs roughly 7,000 people worldwide.
Zillow's restructuring reflects a broader reset across the proptech and online-real-estate sector, where companies that expanded during the pandemic housing boom are now tightening operations as mortgage rates and housing inventory pressure the market. Wall Street will look to Wednesday's earnings report for clues about how the company plans to balance cost discipline with growth investments.
