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Actions Zillow rose more than 3% in extended trading on Wednesday after the company posted fourth-quarter earnings that beat analysts’ expectations on the top and bottom lines.
Here’s how the company did it:
- Earnings per share: 21 cents adjusted versus the 7 cents expected by analysts, according to Refinitiv
- income: $435 million versus the $415 million analysts were expecting, according to Rfinitiv
The digital real estate company reported a consolidated net loss of $72 million for the quarter and a consolidated adjusted EBITDA of $73 million for the same period.
The company’s profit in the Internet, media and technology segment was $417 million, down 14% year over year. This segment, which constitutes the bulk of the company’s business, includes various services for agents and consumers.
Traffic to Zillow’s mobile apps and website reached 198 million average monthly unique users in the fourth quarter, flat from last year.
Zillow’s rental income increased 13% year-over-year to $68 million. The company said it continues to see strong traffic and apartment building growth.
The company announced that it will exit the home buying business in 2021.
“Navigating the slow and difficult housing market in 2022, we looked to the future — our vision for a super housing app,” Zillow co-founder and CEO Rich Barton said in a release.
The company will hold its quarterly call with investors at 5:00 p.m. ET.