{"id":43894,"date":"2023-08-03T06:48:32","date_gmt":"2023-08-03T10:48:32","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/zillow-stock-falls-after-revenue-beat-its-outlook-is-lower-than-expected\/"},"modified":"2023-08-03T06:48:34","modified_gmt":"2023-08-03T10:48:34","slug":"zillow-stock-falls-after-revenue-beat-its-outlook-is-lower-than-expected","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=43894","title":{"rendered":"Zillow Stock Falls After Revenue Beat. Its Outlook Is Lower Than Expected."},"content":{"rendered":"
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Zillow shares fell after the company reported higher revenue and a smaller-than-expected second-quarter loss.<\/p>\n

\n Zillow
\n (ticker: Z) posted total revenue of $506 million and a net loss of $35 million under generally accepted accounting principals, or GAAP. Analysts had expected revenue of $473 million and a GAAP loss of $63 million. The company\u2019s adjusted earnings before interest taxes, depreciation, and amortization, or Ebitda, was $111 million.<\/p>\n

\n

\u201cZillow outperformed the broader industry for the fourth consecutive quarter as we navigate a tough real estate market,\u201d Zillow CEO Rich Barton said in a statement. \u201cI\u2019m pleased with our steady progress on improving and integrating our customer and partner experiences, especially in touring, financing, and renting.\u201d<\/p>\n

The shares fell in after-hours trading despite an initial gain following the earnings report. Shares were down 1.35% to $53.50 at 5:23 p.m. <\/p>\n

The decline could be attributed to the company\u2019s guidance. Zillow says it expects total revenue in a range of $458 million to $486 million in its third quarter, lower than the $488 million FactSet consensus expects. <\/p>\n

In a shareholder letter, Zillow cited its goal of becoming \u201cthe housing super app,\u201d a central hub for real estate-related services. CEO Rich Barton and CFO Jeremy Hofmann wrote in the letter that the company expects the strategy to double Zillow\u2019s share of customer transactions, to 6% from 3%, by the end of 2025.<\/p>\n

The \u201csuper app\u201d repositioning follows the company\u2019s exit from its business buying and selling homes\u2014a model often referred to as iBuying. Zillow announced an end to the program in November 2021 and reported the segment as a discontinued operation in November 2022.<\/p>\n

A closer look at the company\u2019s earnings show more resilient-than-expected revenue from its lead generation service, Premier Agent, which connects prospective buyers with agents who pay for the service. Zillow\u2019s Residential segment, which houses its Premier Agent program, declined 3% from the year prior to $380 million, the company said. It had previously expected residential revenue in a range of $341 million to $361 million. Revenue from its Premier Agent program declined 4%, a shallower drop than the 9% to 13% decline the company previously expected. <\/p>\n

\u201cResidential revenue outperformed the industry and the high end of our outlook range by delivering a better-than-expected number of customer connections to our Premier Agent partners, and buoyed by favorable tailwinds relative to the industry,\u201d Barton and Hofmann wrote in a shareholder letter. <\/p>\n

Rentals also provided a boost. The company said revenue from rentals increased to $91 million, up from $71 million one year prior. Zillow benefited from a combination of lower rental demand and greater supply as new listings hit the market, driving landlords to the company to advertise, according to the shareholder letter. <\/p>\n

Zillow\u2019s earnings come during an unusual time for the housing market. Sales of previously owned homes, the majority of the market, have slumped below year-ago levels, while sales of new homes have been higher than a year prior. Zillow and
\n Redfin
\n earlier this week announced a partnership through which Redfin would syndicate Zillow\u2019s new home listings. <\/p>\n

Write to Shaina Mishkin at shaina.mishkin@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Zillow shares fell after the company reported higher revenue and a smaller-than-expected second-quarter loss. Zillow (ticker: Z) posted total revenue of $506 million and a net loss of $35 million under generally accepted accounting principals, or GAAP. Analysts had expected revenue of $473 million and a GAAP loss of $63 million. The company\u2019s adjusted earnings […]<\/p>\n","protected":false},"author":1,"featured_media":43895,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-43894","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nZillow Stock Falls After Revenue Beat. 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