Why Zillow Group Inc. Stock Plunged Today
Shares of Zillow Group Inc. (NASDAQ: Z) (NASDAQ: ZG) were down 9.8% as of 1:30 p.m. EDT Wednesday after the online real estate platform company announced strong second-quarter results, but followed with light forward guidance.
Zillow's quarterly revenue climbed 28.1% year over year to $266.9 million, led by 29% growth in Premier Agent revenue to $189.7 million. Zillow also saw monthly unique users climb 6% year over year to more than 178 million, including an all-time high of 182 million users in May. On the bottom line, that translated to adjusted net income of $7.4 million, or $0.04 per share, swinging from a net loss of $0.71 per share in last year's second quarter. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) arrived at $39.7 million.
These results exceeded Zillow's most recent financial guidance, which called for revenue of $257 million to $262 million, and lower adjusted EBITDA of $27 million to $32 million. And analysts, on average, were anticipating Zillow would turn in an adjusted net loss of $0.01 per share.
Source: Fool.com
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