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  "documentTitle": "Zillow Group, Inc. (Z)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2024-03-05 00:00:00",
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  "notes": "The slide uses a table to highlight the poor financial performance of the Mortgages segment compared to other segments.",
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      "text": "During the beta of Zillow Offers, Zillow had a title company set up which was dismantled after a few months. Zillow attempted a new closing and title business but in June 2023, Zillow announced it was shutting the division because it isn't the \"tech-forward and integrated product\" customers need. Additionally, Zillow's Mortgage business lost $214 million between 2020 and 2022; Zillow did not break out operating income by segment in its 2023 10-K.",
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      "text": "Source: Zillow Closing Services press release and Z FY22 10-K.",
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      "text": "In an email to clients, the company announced it is ending Zillow Closing Services because it isn't the \"tech-forward and integrated product\" customers need.",
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      "text": "Additional Failures",
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