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Zillow Group shares surge 11% as Q3 results top estimates

EditorRachael Rajan
Published 06/11/2024, 22:50
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SEATTLE - Zillow Group, Inc. (NASDAQ:ZG) saw its shares jump 11% in after-hours trading on Wednesday after the real estate technology company reported third-quarter results that exceeded analyst expectations.

The company posted adjusted earnings per share of $0.35, surpassing the consensus estimate of $0.26. Revenue for the quarter came in at $581 million, beating analyst projections of $555.41 million and representing a 17% increase YoY.

Zillow's strong performance was driven by growth across its business segments. Residential revenue rose 12% YoY to $405 million, while Rentals revenue surged 24% to $123 million. The company's Mortgages segment saw revenue soar 63% to $39 million.

"Zillow had another strong quarter, with 17% total revenue growth year over year," said Zillow CEO Jeremy Wacksman. "I'm proud of how we are executing our strategy to serve renters, buyers, sellers, agents and the broader residential real estate industry."

For the fourth quarter, Zillow expects revenue between $525 million and $540 million, compared to the consensus estimate of $532.4 million.

The company ended the quarter with $2.2 billion in cash and investments, down from $2.6 billion at the end of Q2. Traffic to Zillow's mobile apps and websites averaged 233 million monthly unique users in Q3, up 1% YoY.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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