Zillow Group Gets Battered After Revenue Miss

Investors battered Zillow Group Inc. (ZG)  on Wednesday after the online real estate marketplace missed third-quarter revenue estimates and cut its full-year revenue guidance.

Shares of the Seattle-based company nosedived 24% to $30.96.

Revenue totaled $343 million, up from $281.84 million a year ago, but missed Wall Street's expectations of $343.7 million. Zillow posted quarterly earnings on an adjusted basis of 18 cents a share, 1 cent better than analysts' estimates.

Looking ahead, Zillow said it expected fourth-quarter revenue to range from $340 million and $357 million, below Wall Street's expectations of $368 million.

Zillow also lowered its full-year revenue guidance to a range of $1.31 billion to $1.32 billion, from a previously adjusted range of $1.32 billion to $1.35 billion.

Canaccord Genuity Group Inc., meanwhile, cut Zillow's stock price target cut to $50 from $60.

Zillow's brands include Trulia, StreetEasy, HotPads, Naked Apartments and RealEstate.com.

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