Zillow (Z) Lackluster Q3 Results, Q4 Guidance Cause Concern
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Shares of Zillow (Nasdaq: Z) declined sharply after-hours on Monday following the company's third-quarter earnings report. While earnings were reported in line with estimates, light guidance caused concern.
The real estate website reported earnings per share of 7 cents, in line with estimates, and revenue that grew 67 percent compared to last year, which resulted in record revenue of $31.9 million, beating consensus estimates of 31.56 million. Marketplace revenue climbed to $23.6 million.
In the fourth quarter, Zillow said they expect revenue of $30 to 31 million, versus the consensus of $32.54 million. In 2012, Zillow sees revenue of $113 million, versus the consensus of $114.8 million.
"Zillow had another great quarter with record usage across mobile and Web. In fact, we reached a major milestone recently, topping 1 billion home views on Zillow Mobile through the first three quarters of 2012," said Spencer Rascoff, chief executive officer of Zillow.
Despite the upbeat comments, shares of Zillow are lower by 22 percent after-hours.
The real estate website reported earnings per share of 7 cents, in line with estimates, and revenue that grew 67 percent compared to last year, which resulted in record revenue of $31.9 million, beating consensus estimates of 31.56 million. Marketplace revenue climbed to $23.6 million.
In the fourth quarter, Zillow said they expect revenue of $30 to 31 million, versus the consensus of $32.54 million. In 2012, Zillow sees revenue of $113 million, versus the consensus of $114.8 million.
"Zillow had another great quarter with record usage across mobile and Web. In fact, we reached a major milestone recently, topping 1 billion home views on Zillow Mobile through the first three quarters of 2012," said Spencer Rascoff, chief executive officer of Zillow.
Despite the upbeat comments, shares of Zillow are lower by 22 percent after-hours.
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