Zillow Group (NASDAQ:Z) exceeded revenue expectations in its third-quarter earnings report, released after Wednesday’s market close. However, shares dropped more than 4% intra-day today.

The company announced a third-quarter revenue of $496 million, a 3% increase from the same quarter last year and significantly higher than the Street estimate of $481.06 million.

Residential revenue contributed $362 million, slightly down by 3% year over year but surpassing the high end of the company’s estimates. This success was attributed mainly to the growth in connections to Premier Agent partners, which outpaced the overall industry. Zillow’s rental revenue saw a substantial 34% year-over-year increase, reaching $99 million, fueled by a 42% surge in multifamily revenue. In contrast, mortgage revenue declined by 8% year-over-year to $24 million, affected by higher interest rates dampening demand in Zillow’s mortgage marketplace.

The company posted a net loss of $28 million for Q3 However, its adjusted EBITDA stood at $107 million, exceeding the company’s forecast by $30 million.

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