Why Zillow Group Stock Glided Higher This Week
Shares of Zillow Group (NASDAQ: ZG) popped by as much as 11% this week, according to data from S&P Global Market Intelligence. The online real estate company posted strong fourth-quarter earnings that beat Wall Street expectations. As of this writing, shares of Zillow Group are up 5.2% for the week.
On February 15, Zillow updated investors with its financial results for the fourth quarter of 2022. Revenue declined 19% year over year to $435 million. However, this was higher than the $413 million estimate heading into the earnings release.
Zillow is navigating a difficult housing market at the moment. With mortgage rates rising at the fastest pace in history and coming off of historic lows, many buyers are getting frozen out of homebuying right now. This has caused the housing market to freeze up in the United States, with existing home sales down 34% year-over-year in the fourth quarter of 2022.
Source Fool.com
