Zillow stock rises 4% as real-estate company sees continued strength in housing

Shares of Zillow Group Inc.

rose more than 4% in the extended session Tuesday after the real-estate company topped Wall Street expectations for its first quarter on continued strength of the housing market and more visitors to the company’s apps and sites. Zillow said it earned $52 million, or 21 cents a share, in the first quarter, versus a loss of $163 million a year ago. Adjusted for one-time items, Zillow said it earned 47 cents a share in the quarter. Revenue rose 8% to $1.2 billion, the company said. Analysts polled by FactSet had expected Zillow to report adjusted earnings of 26 cents a share on sales of $1.1 billion. Zillow called for second-quarter sales between $1.236 billion and $1.284 billion, as growth trends will continue, the company said. Zillow called for consolidated adjusted EBITDA between $116 million and $140 million in the quarter. Traffic to Zillow’s apps and websites rose 15% to 221 million average monthly unique users, driving 2.5 billion visits during the quarter, up 19% year-on-year, the company said. Shares of Zillow ended the regular trading day down 3.4%.

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News