Stock Track | Zillow Plunges 8.38% in After-Hours Trading on Surprise Q2 Loss and Weak Q3 Guidance

Stock Track08-06

Zillow Group shares tumbled 8.38% in after-hours trading on Wednesday, following the release of the company's second-quarter earnings report that revealed a surprise net loss and softer-than-expected revenue guidance for the third quarter.

The housing technology company posted a net loss of $4 million, or $0.02 per share, while analysts had anticipated a net income of $21 million, or $0.09 per share. Although revenue rose 18% year-over-year to $772 million—beating the consensus estimate of $758 million—the bottom line was dragged down by $36 million in impairment and restructuring costs. The company had earlier announced over 500 job cuts as part of efforts to streamline operations and reduce costs.

Looking ahead, Zillow guided for third-quarter revenue between $745 million and $760 million, well below the $774 million analysts had forecast. Adjusted EBITDA guidance of $180 million to $200 million also missed the consensus of $214 million. The company attributed the cautious outlook to a softening housing market, an expected decline in the mortgage sector, and a strategic shift toward its "preferred" agent service model, which creates near-term revenue recognition lags. Executive changes were also announced, with CFO Jeremy Hofmann taking on the additional role of COO.

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