Zillow reported better than expected earnings and revenue: a third-quarter loss of $53 million, or 21 cents a share, on net revenue of $483 million, down from $1.74 billion a year ago. $ZG shares have declined 52.7% so far this year:
Zillow Group Inc. is done selling houses a year after ditching its iBuying business, and executives reported better-than-expected earnings and revenue while wrapping up the effort in the third quarter, though their forecast undershot Wall Street’s expectations.
Analysts on average expected adjusted earnings of 14 cents a share on sales of $458 million. Zillow stock increased more than 4% in after-hours trading following the release of the results, after closing with a 4.9% decline at $29.43. Those changes have continued in the past year, as Zillow has unloaded all of the homes. Executives said Wednesday that the sales were complete as of the end of the third quarter, on Sept. 30, and the division had been completely shut down.
Management has continued to make changes in reaction to the changing environment, including laying off even more workers last week. Executives have said their ultimate goal is to meld the assets of its two remaining segments — Internet, Media and Technology, or IMT, as well as the mortgages business — into a mobile “super app” that can help buyers and sellers navigate the entire home-buying and -selling process.
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