Rightmove PLC (LON:RMV) has announced it will discount customers invoices by 75% for the next four months, taking a £65-75mln revenue hit.
The property website previously said it would allow agents to defer their payments but decided to “offer more substantial assistance to support their businesses” following “extensive dialogue” with its clients.
READ: Rightmove drops guidance, allows payment deferrals to certain agents
The FTSE 100-listed online platform said it is able to implement this initiative “given the strength of our balance sheet”.
Peter Brooks-Johnson, chief executive, said: “At Rightmove, we are doing everything in our power to rise to the challenges of COVID-19.
"We have chosen to utilise our position to support our customers at this difficult time.”
Shares dropped 10% to 428.54p on Friday morning.