Three months after a home-flipping initiative imploded in an embarrassing public display, Zillow reported record revenue from selling the underwater homes Thursday, and shares surged in late trading.
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, and shares surged in late trading.
Analysts on average expected an adjusted loss of 90 cents a share on sales of $3.01 billion, according to FactSet. Zillow shares rose nearly 15% in after-hours trading immediately following the release of the results, after closing with a 1.8% decline at $48.79. Shares bounced back a bit after executives said in December that they had already found buyers for more than half the homes they still owned, and expected to use millions recouped from the sales to repurchase stock. In Thursday’s report, they said the effort is still tracking ahead of expectations, and will result in positive cash flow, despite disclosing an average loss of $27,609 on 8,353 homes sold in the fourth quarter.
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