Zillow Group (ZG) Selling 7,000 Homes for $2.8 Billion After Flipping Halt - Bloomberg
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Zillow Group (ZG) Stock Crashes Again on a Big Q3 Miss and Plans to Wind Down its Offers Business; Several Analysts Downgrade to Neutral
November 3, 2021 6:24 AM EDTShares of Zillow Group (NASDAQ: ZG) are down roughly 16% in pre-open Wednesday after the company reported extremely disappointing Q3 results and announced a major change to its business model.
Zillow reported an adjusted EPS loss of $0.95, a big miss compared to the analyst estimate of a profit of $0.16 per share. Revenue for the quarter came in at $1.74 billion to miss on the $2 billion consensus.
"We've determined the unpredictability in forecasting home prices far exceeds what we anticipated and continuing to scale Zillow Offers would result in too much earnings and balance-sheet... More
Zillow's (ZG) Abrupt Homes Sales Raise a Lot of Questions Into Earnings Tonight - BofA
November 2, 2021 12:25 PM EDTBofA Securities analyst Nat Schindler weighed in on Zillow Group (NASDAQ: ZG) after the company abruptly sold 7,000 homes to institutional investors for about $2.8 billion, according to a Bloomberg News report. Schindler said the news points to one of two things that make them even more cautious on the company's iBuyer segment and category as a whole:
1) ZG is sufficiently concerned over the... More
Opendoor (OPEN) Plunges 16%
November 2, 2021 10:27 AM EDTOpendoor (NASDAQ: OPEN) plunged 16% Tuesday.
The decline appears tied to problems with Zillow Group's (NASDAQ: ZG) house flipping business.
