Zillow Earnings: ZG Stock Soars as Q1 Sales Surge Nearly 40% Y2Y
Zillow (NASDAQ:ZG) reported its latest quarterly earnings results late today, bringing in a loss that was narrower than expected, while sales increased greatly year-over-year and topped Wall Street’s guidance, lifting ZG stock more than 15% after hours Thursday.
The Seattle, Wash.-based online real estate database said that for its first quarter of its fiscal 2019, it brought in a loss of $67.5 million, or 33 cents per share, which was wider than the company’s loss from the year-ago quarter of 10 cents per share. However, the figure was narrower than the Wall Street consensus estimate, which predicted a loss of 34 cents per share, according to a survey of analysts conducted by FactSet.
Zillow added that its revenue for the period tallied up to $454.1 million, which marked a 39.6% increase when compared to its sales of $325.2 million during the same period a year ago. The figure was also stronger than what analysts called for, which was for revenue of $432.1 million, according to data compiled by FactSet.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
The real estate business added that it bought 898 homes during the period, marking an 80% when compared to its fourth quarter of 2018. Zillow also sold 414 homes during the first three-month period of 2019, about triple the amount from the previous quarter.
ZG stock surged about 18.6% after the bell on Thursday following the company’s strong quarterly earnings showing. Shares had been sliding about 2% during regular trading hours today.
More From InvestorPlace
The post Zillow Earnings: ZG Stock Soars as Q1 Sales Surge Nearly 40% Y2Y appeared first on InvestorPlace.
