Zillow Group Inc. shares rose 2% within the prolonged session Wednesday after the real-estate providers firm reported quarterly income above Wall Street expectations, saying it’s investing in a “tough housing market while others retrench.”
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misplaced $72 million, or 31 cents a share, within the fourth quarter, in contrast with a lack of $261 million, or $1 a share, within the year-ago interval.
Revenue fell 19% to $435 million. FactSet consensus referred to as for EPS of 6 cents a share on gross sales of $414 million.
“We see the same headlines you all see about tech companies cutting back their workforces to make up for staffing to accommodate unsustainable pandemic-level growth that is now normalizing,” Zillow executives stated in a letter to shareholders.
“Our story is different. After a year of significant people-related and other expense reductions in 2022, we are now investing during a tough housing market while others retrench, as we see real opportunity for growth,” they stated.
Zillow underwent two rounds of layoffs in 2022.
The firm guided for first-quarter income between $404 million and $437 million. Analysts surveyed by FactSet anticipate first-quarter income of $429 million.
Zillow shares have misplaced about 28% within the final 12 months, in contrast with losses of round 8% for the S&P 500 index
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Source web site: www.marketwatch.com
