Published on 5 May 2022 on MarketWatch
Zillow stock falls 9% after disappointing forecast in ‘uncertain’ real-estate environment
Zillow Group Inc. blew away revenue expectations for the first quarter Thursday, but reflected the uncertain future for the real-estate industry with a disappointing forecast, pushing shares down in after-hours trading.
Zillow reported a first-quarter profit of $16 million, or 6 cents a share, on revenue of $4.26 billion, up from $1.22 billion a year ago. After adjusting for stock compensation, restructuring costs and other effects, the company reported earnings of 49 cents a share, up from 44 cents a share in the same period last year. Analysts on average expected adjusted earnings of 24 cents a share on sales of $3.36 billion, according to FactSet.