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Shares of Zillow (ZG) - Get Zillow Group Inc. Report  rose sharply Friday after the real estate platform posted better-than-expected third-quarter revenue on the back of strong results at its home-flipping business.

Revenue in the period jumped 117% from a year earlier to $745.2 million and easily topped forecasts of $714 million.

Zillow said revenue from its homes segment, which includes the buying and selling of homes, rose to $384.6 million from just $11.1 million a year earlier. The company sold 1,211 homes and bought 2,291 homes in the third quarter.

The company reported a third-quarter loss of $64.6 million, wider than a year-earlier loss of $492,000 but narrower than forecasts that called for a loss of $90.3 million. Zillow's loss in its homes segment was $87.9 million.

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"The third quarter marks the first time home segment exceeded our IMT revenue coming in at $385 million ahead of our outlook and up from just $11 million in the third quarter of 2018," said Rich Barton, co-founder and CEO. "During the quarter we purchased nearly 2,300 homes and sold more than 1,200 homes."

The company said it expects revenue of as much as $1.25 billion in 2019 from its home-flipping business, leading the company to anticipate revenue for the year of $2.59 billion to $2.62 billion, above Wall Street estimates of $2.53 billion and sharply higher than 2018 revenue of $1.33 billion.

Zillow said it expects fourth-quarter revenue of $790 million to $825 million, above expectations of $751 million.

The price target on shares of Zillow was cut to $63 a share from $65 by analysts at KeyBanc, who maintained their overweight rating on the stock.

Zillow's class C shares jumped 11.1% to $37.15 in trading Friday. The class A shares rose 19.85% to $37.04.