Zillow (Z) Stock Retreats on Earnings Results

Zillow (Z) stock is declining in mid-morning trading on Wednesday, after the company reported its 2015 third quarter earnings results after the market close on Tuesday.
By Rachel Graf ,

NEW YORK (TheStreet) -- Zillow (Z) - Get Report stock is down by 5.56% to $27.86 in mid-morning trading on Wednesday, following the release of the company's 2015 third quarter earnings results after the market close on Tuesday. 

The online real estate database posted earnings of 7 cents per share, excluding items such as stock-based compensation and the sale of Market Leader, up from 4 cents per share a year earlier. 

Overall, Zillow reported a loss of 15 cents a share for the most recent quarter, compared to a loss of 13 cents per share for the year ago period. 

Zillow completed the sale of Market Leader in September, which totaled about 7% of total revenue and 10% of its consolidated loss, according to the Wall Street Journal. In February, the company acquired rival Trulia, and incurred $2 million of acquisition-related costs. 

Revenue for the most recent quarter soared to $176.8 million, up from $88.6 million for the 2014 third quarter.

Analysts had forecast for a loss of 3 cents per share on revenue of $176.49 million.

"The third quarter was a remarkable one for Zillow Group, exceeding EBITDA expectations significantly. We also completed the unification of Zillow's and Trulia's ad platforms, marking the end of our major transition period of integration," CEO Spencer Rascoff said in a statement.

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