Zillow Group reported a higher profit in the first quarter but said traffic to its sites and apps had declined.

The home-listing site on Wednesday logged a profit of $46 million, or 19 cents a share, compared with a profit of $8 million, or 3 cents a share, a year earlier.

Stripping out certain one-time items,the company reported adjusted earnings of 53 cents a share. Analysts surveyed by FactSet were expecting 45 cents a share.

Revenue rose to $708 million from $598 million a year prior. Analysts were expecting $705.1 million.

Traffic fell 3% to 220 million average monthly unique users, with a 3% decline in visits to $2.3 billion.

Shares of Zillow fell 7.4% to $41.23 in after-hours trading. The stock closed up 2.3% at $44.53, but the shares are still down 35% this year.

Rentals revenue jumped 42% to $183 million, primarily due to 57% growth in multifamily revenue during the quarter.

Revenue in the "for sale" segment grew 12% to $514 million, driven by growth in Preferred, Zillow Showcase, the New Construction marketplace, and the company's agent software tools. Loan origination nearly doubled to $1.5 billion during the quarter.