Zillow Group reported Q1 profit of $46 million, up from $8 million a year ago, with adjusted earnings of 53 cents per share beating analyst expectations of 45 cents. Revenue climbed to $708 million from $598 million, but the company flagged declining traffic to its sites and apps — a headwind that stands out against the earnings beat.

The adjusted earnings per share of 53 cents topped forecasts, while revenue growth of roughly 18% year-over-year gave investors reason to cheer. Analysts surveyed by FactSet had projected $705.1 million in revenue, so Zillow cleared a modest bar, yet the traffic decline muddies the picture for a company that still depends heavily on user engagement.

Q1 profit surged 475% to $46 million as Zillow tightened costs and delivered an earnings beat, but falling traffic to its platforms and apps raises questions about whether this momentum holds.