Zillow is laying off just over 500 employees, CEO Jeremy Wacksman said in a memo on Tuesday.
The company is calling it an organizational restructuring.
Wacksman said the decision reflects both the company's strategic position and what's required to keep growing at its current scale.
He pointed to Zillow's performance against a housing market he described as essentially flat, and said the company's integrated platform is producing results for the business and for the renters, buyers, sellers, and professionals who use it.
The restructuring, per the memo, is meant to build a more disciplined cost structure as the company scales.
The memo doesn't specify which teams or roles are impacted, or whether further changes are coming.
