Zillow Stock Soars 12% After Beating Second-Quarter Estimates

Reuters08-08

(Reuters) - Online real estate broker Zillow on Wednesday named insider Jeremy Wacksman as its chief executive officer, succeeding co-founder Rich Barton, who would become the co-executive chair.

Shares of the company jumped 12.16% in extended trading, after it also beat analysts' estimates for second-quarter profit and revenue.

Wacksman, a former Microsoft executive, joined Zillow in 2009 and had held product, marketing and operational responsibilities. He was most recently the company's chief operating officer.

Zillow said Barton would remain on the board of directors and become co-executive chair alongside co-founder and current executive chair Lloyd Frink.

"I will remain engaged as my role shifts to counseling Jeremy and the leadership team, rather than daily operational leadership," Barton said in a letter to shareholders.

"We organized most of the company around Jeremy three years ago when we promoted him to chief operating officer," Barton added.

Also in the day, the Seattle-based company posted better-than-expected quarterly results as residential and rental revenue rose.

Its second-quarter adjusted profit of 39 cents per share beat LSEG estimates of 27 cents per share.

Total revenue for the quarter ended June 30 was $572 million, up 13% from a year earlier. Analysts on average were expecting $538.25 million.

Zillow also forecast its third-quarter revenue to be between $545 million and $560 million, the midpoint of which is roughly in line with analysts' estimate.

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