Zillow sold more than 8,300 homes in the fourth quarter, averaging a loss of more than $27,000 apiece. Yet its stock soared after hours.
Three months after a home-flipping initiative imploded in an embarrassing public display, Zillow Group Inc. reported record revenue from selling the underwater homes Thursday, sending shares surging.
than we projected,” they wrote in a letter to investors. “The wind-down process is running smoothly and efficiently, and we expect it to generate positive cash flow.” Barton and Parker bet on iBuying as a key part of what they called “Zillow 2.0,” but said in Thursday’s letter and call that the dissolution of that business had not changed their strategy.
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