Zillow Group, Inc. (NASDAQ:Z,ZG) stock was up on Wednesday after the release of its earnings report for the third quarter of 2016.
Zillow Group, Inc. reported revenue of $224.59 million for the third quarter of 2016. This represents a 35% increase in revenue when compared to the third quarter of 2015. It also came in above the $220.82 million in revenue that Wall Street was expecting.
Earnings per share reported by Zillow Group, Inc. for the third quarter of 2016 was 17 cents. This is an increase over its earnings per share of 5 cents from the same time last year. Analysts were expecting the company to report earnings per share of 13 cents for the quarter.
“Our third-quarter performance was terrific,” Spencer Rascoff, CEO of Zillow Group, Inc., said in a statement. “We delivered another quarter of record revenue, and Adjusted EBITDA exceeded our expectations. Traffic to Zillow Group’s mobile apps and websites increased year-over-year and revenue growth in our Premier Agent marketplace accelerated. With all of our marketplaces performing strongly, we expect to end 2016 in a strong position to continue executing on our strategic priorities.”
Zillow Group, Inc. also updated its outlook for the fourth quarter of 2016. The online real estate company is expecting revenue to range from $218 million to $223 million in its fourth quarter. It is also looking for revenue in the full year of 2016 to be between $837 million and $842 million.
Wall Street is currently expecting Zillow Group, Inc. to report revenue of $222.07 million for the fourth quarter of the year. For the full year of 2016, analysts are looking for the company to report revenue of $836.81 million.
Z stock was up 5% and ZG stock was up 4% as of Noon Wednesday.
