Zillow reported a rise in revenue in the first quarter, driven by significant gains in its rentals and mortgages segments, despite a challenging period in the US housing industry. The company's earnings surpassed analysts' expectations, as it continued to leverage its strong consumer brand. However, Zillow's shares fell by 4.1% in pre-market trading following the announcement of the first-quarter results. The company is also focusing on a post-commission settlement strategy to stabilize its financial losses, expecting a bigger loss. Despite these challenges, Wall Street isn't worried.