Zillow Group Inc (ZG) Tops $1B Revenue Mark for First Time in 2017

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Zillow Group Inc (NASDAQ:ZG) reported on its fiscal 2017 and fourth quarter after hours Thursday, posting record annual sales.

Zillow Group Inc (ZG)The company raked in $1 billion for the first time during a fiscal year in 2017, while also topping its quarterly revenue total during its fourth quarter. Overall, its 2017 revenue was $1.07 billion, topping analysts’ expectations and rising 27% year-over-year.

Quarterly revenue came in at $282.3 million for Zillow Group, rising 24% year-over-year and beating the Yahoo Finance consensus estimate of $277.8 million. Its adjusted earnings for its fourth quarter amounted to 19 cents per share, meeting analysts’ expectations, per Yahoo Finance.

The online real estate database had an average of 151 million monthly unique visitors across its various websites and apps during its fourth quarter. July was a strong month for Zillow Group as it hit a record of 187 million unique visitors.

Total visits to the company’s brands’ mobile apps and websites rose 21% compared to the year-ago quarter during the fourth quarter, tallying up to 1.4 billion.  Marketplace revenue surged 26% year-over-year to $265.6 million.

“Zillow Group had another fantastic year of record results in 2017 and exceeded $1 billion in revenue for the first time,” Zillow Group CEO Spencer Rascoff said in a statement. “We successfully transitioned advertisers to an auction-based pricing model, launched RealEstate.com, and continued to grow our emerging marketplaces, including two strategic acquisitions.

ZG stock fell close to 0.8% after the bell Thursday afternoon.


Article printed from InvestorPlace Media, https://investorplace.com/2018/02/zillow-group-inc-zg-2/.

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