Shares of Zillow popped more than 3% Wednesday in extended trading after the company released fourth-quarter earnings that beat analysts’ expectations on top and bottom lines.
Here’s how the company did:
- Earnings per share: 21 cents adjusted vs. 7 cents expected by analysts, according to Refinitiv
- Revenue: $435 million vs. $415 million expected by analysts, according to Rfinitiv
The digital real estate company reported a consolidated net loss of $72 million for the quarter, and consolidated adjusted EBITDA of $73 million for the same period.
The company’s Internet, Media and Technology segment’s revenue came in at $417 million, a decline of 14% year over year. That segment, which represents the bulk of the company’s business, includes various services for agents and consumers.
Traffic to Zillow’s mobile apps and websites reached 198 million average monthly unique users for the fourth quarter, flat year over year.
Zillow’s rentals revenue increased 13% year over year to $68 million. The company said it continued to see strong traffic and growth in multifamily properties.
The company announced it was exiting the home-buying business in 2021.
“While navigating a slow and difficult housing market in 2022, we kept our eyes on the future — our vision of building the housing super app,” Zillow co-founder and CEO Rich Barton said in the release.
The company will hold its quarterly call with investors at 5 p.m. ET.