Zillow Group Inc. (NASDAQ: Z)
Z Time to List for Sale?
Zillow Group Inc., reported Q1 financial results Tuesday after the close beating EPS estimates and missing on revenue expectations yet reaffirmed 2015 guidance. These numbers reported by the company do include the acquisition of Trulia, the former rival, a deal that was finalized in February.
Zillow reported adjusted earnings of $0.05 a share on $127.3 million in revenues beating the consensus of a loss of $(0.12) but just missing the expectation of $127.8 million, respectively. The Company also reaffirmed their 2015 revenue guidance of $690 million. Read more on the business metrics in the Zillow’s official PR
Zillow’s Chief Executive Officer, Spencer Rascoff noted:
‘We have integrated the Zillow mortgage and rentals products into Trulia, giving our advertisers and partners access to an even wider consumer audience. We are on track to combine our agent advertising business by the end of 2015, setting us up to fully realize the potential of Zillow Group’s huge and growing audience.”
Suntrust Robinson Humphrey analyst Robert Peck said, “This is a $60 billion dollar market that is just beginning to come on line. Mobile is providing a competitive edge for Zillow. It’s tough for the local MLSs to keep up tech spending.”
Shares of Zillow are trading lower on the year by nearly 8% while the S&P500 is in the green by 2%. The stock traded higher by over 2% in the after hours session following the halt and news release thereafter.
About Zillow Group Inc.
Zillow Group, Inc. operates real estate and home-related information marketplaces on mobile and the Web in the United States. It offers a portfolio of brands and products to help people find vital information about homes, and connect with local professionals. The company product portfolio includes Zillow, a real estate and rental marketplace dedicated to consumers with data, inspiration, and knowledge around the place they call home, and connecting them with the local professionals who can help; and Trulia, a home shopping marketplace, focused on giving home buyers, sellers, and renters the information they need to make better decisions about where to live. It also provides StreetEasy, a real estate marketplace, providing for-sale and for-rent listings from various real estate brokerages throughout New York City and the NYC metropolitan area; and HotPads, a map-based apartment and home rental search brand, and a destination for renters in urban areas across the United States. Yahoo! Finance