Zillow Group Shares Jump After Narrowing 3Q Loss, Posting Higher-Than-Expected Revenue

Dow Jones11-07

Shares of Zillow Group gained after the company narrowed its loss and beat analysts' revenue expectations in the third quarter.

The stock jumped 14% in after-hours trading Wednesday. Shares, which ended the regular session down 6.6%, to $58.68, have gained 40% in the last three months, putting them roughly flat for the year.

The home-listing site posted a net loss of $20 million, or 8 cents a share, compared with a loss of $28 million, or 12 cents a share, in last year's quarter.

Revenue rose 17%, to $581 million, beating the $555.4 million that analysts polled by FactSet expected.

Residential revenue came in at $405 million, up 12% from last year, boosted by more buyers and sellers completing transactions with Zillow agent partners. Rentals revenue increased 24%, to $123 million, primarily driven by higher multifamily revenue, while mortgages revenue surged 63%, to $39 million.

Chief Executive Jeremy Wacksman said the company's technology investments to build out an integrated transaction platform are paying off. "These investments give Zillow an advantage as we connect high-intent movers with high-performing agents, driving adoption of our services and contributing to increased revenue," he said.

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