Zillow Group Inc Class C (NASDAQ:Z) shares are trading higher by 9.5% at $60.68 Monday afternoon on continued strength after the company last week reported strong fourth-quarter results.
Zillow reported quarterly sales of $3.88 billion which beat the analyst consensus estimate of $2.78 billion by 40%.
“Zillow has a rock-solid financial foundation and a core IMT business in which we are reporting record profits today. More interestingly, we have major untapped business potential due to our leading audience, brand, partner network, and R&D leadership,” said Zillow co-founder and CEO Rich Barton.
“In 2021, we estimate that nearly one-quarter of all buyers in the U.S. reached out to connect with Zillow during their shopping process, yet we only generated revenue on an estimated 3% of total customer transactions. We’re investing aggressively in innovations that help both buyers and sellers by delivering an integrated set of tech-enabled solutions on our ‘housing super app’ along with our excellent partners. We know millions of movers today start with Zillow, and in the future, we plan to be with them every step of their journey,” Barton stated.
Zillow has a 52-week high of $208.11 and a 52-week low of $44.80.
