Why Zillow's Shares Jumped 20.5% Today
Shares of real estate technology company Zillow (NASDAQ: Z) (NASDAQ: ZG) jumped as much as 20.5% in trading on Thursday after the company reported fourth-quarter earnings. Shares held gains midday and were up 17.9% at 11:35 p.m. EST.
Total revenue fell 16% to $789 million in the quarter on a 50% drop in Zillow Offers revenue. But the internet, media, and technology (IMT) segment saw a 33% jump in revenue. Net income was $46 million, versus a $101.2 million loss a year ago, driven by a more than quadrupling of income from the IMT segment.
Image source: Getty Images.
Source Fool.com
