Zillow Fourth-Quarter Results Beat Estimates

Zillow, the Seattle real-estate-information service, reported a wider fourth-quarter net loss as revenue more than doubled. Both figures were better than Wall Street's analyst community expected.
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Zillow  (Z) - Get Report, the Seattle real-estate-information service, reported a wider fourth-quarter net loss as revenue more than doubled. 

Both figures were better than Wall Street's analyst community expected.

The GAAP net loss was 49 cents a share compared with 48 cents in the year-earlier quarter. Revenue reached $943.9 million from $365.3 million.

A survey of analysts by FactSet was estimating the company would post a GAAP net loss of 57 cents a share, or an adjusted 35 cents, on revenue of $814.6 million.

Zillow's services include, among others, sale and rental listings, a method of buying and selling homes, home- loan services through an affiliated lender, neighborhood and agent reviews, and public- record information about home values.

"We're in the midst of a multiyear expansion to rewire real estate transactions and streamline how our customers buy, sell, rent and borrow that dramatically expands our market opportunity and profit potential," Zillow Co-Founder and Chief Executive Rich Barton said in a statement.

Barton singled out the company's Premier Agent business as "solid." 

The Premier Agent business provides agents with advertising, tools and resources to connect them with buyers and sellers. The division's revenue rose 6% in the fourth quarter to $233.5 million, or about a quarter of the total revenue in the period.

At last check Zillow stock was up 10.6%. It closed the regular session Wednesday at $54.47, up 4.2%.

In 2020 through the end of regular trading Wednesday, the stock was up 19%. It has about doubled from its 52-week low of near $28.50, set in early October.