Why Zillow Group Stock Sank Today
Shares of Zillow Group (NASDAQ: Z)(NASDAQ: ZG) fell more than 15% on Thursday following the release of the online real-estate services company's second-quarter results.
Second-quarter metrics were solid. Revenue surged 84% year over year to $599.6 million, driven by strong growth in the company's home buying and selling business. Analysts had been expecting revenue of only $585 million. Zillow also reported a loss that, at $0.14 per share, was smaller than Wall Street was anticipating.
Notably, Zillow's collection of online real estate properties is growing more popular among home shoppers. Traffic to the company's mobile apps and websites rose 4% to more than 194 million average monthly unique users in the second quarter, while visits increased 14% to nearly 2.2 billion.
Quelle Fool.com
