Zillow’s third-quarter revenue rose 7%, with its rentals business helping offset a weak home sales market that the company described as one of the toughest in a generation. Results came in below analyst expectations, which analysts characterized as a “double miss.” Shares fell in after-hours trading and dropped more than 9% following the report. The company also cut its full-year revenue guidance and gave a weak forward outlook.
The American real estate platform saw its shares decline following a double miss on earnings and revenue estimates alongside cautious forward guidance.
Read the full storyZillow Group reported a revenue increase driven by its rentals segment, successfully navigating a challenging environment for residential home sales.