Zillow Group, Inc. (ZG) Tops Earnings, Revenue Projections

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Zillow Group, Inc. (NASDAQ:ZG) posted its earnings and revenue figures after the bell Tuesday.

Zillow Group, Inc. (ZG)The company’s latest quarterly results will take Zillow to its first year of $1 billion in revenue if the company continues to rake in at this pace during the fourth quarter.

In its third quarter results, the company unveiled earnings of 19 cents per share, topping Wall Street’s expectations of 18 cents per share. Adjusted EBITDA was a record $71 million, beating the year-ago mark of $59.5 million.

Zillow’s revenue surged 25% compared to the year-ago figure to $281.8 million. Analysts were calling for revenue of $276.9 million. Its Marketplace revenue gained 27% year-over-year to $262.7 million, while its Premier Agent revenue grew 24% to $197.1 million.

Other real estate revenue for the company hiked up 55% to $44.8 million compared to the year-ago mark, while mortgages revenue surged 6% to $20.9 million. The average monthly unique users mark reached more than 175 million.

This includes the company’s brands’ mobile apps and websites, marking a 6% increase year-over-year. In July 2017, Zillow’s brands reached more than 187 million unique users, marking an all-time high.

The company has been working on several initiatives to bring in more viewers and diversity its revenue stream, including the addition of Instant Offers, connecting homeowners to offers from investors. The program compares data from local real estate agents in Las Vegas, Orlando and Phoenix.

ZG shares surged 3.2% after Tuesday’s market close on the company’s strong earnings showing.


Article printed from InvestorPlace Media, https://investorplace.com/2017/11/zillow-group-inc-zg/.

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