Overview

* Zillow ( ZG ) Q3 revenue grows 16% yr/yr, exceeding company's outlook

* Adjusted EBITDA for Q3 rises to $165 mln, surpassing company's expectations

* Net income for Q3 reaches $10 mln, reversing last year's loss

Outlook

* Company did not provide specific guidance in the press release

Result Drivers

* MORTGAGES GROWTH - Mortgages revenue rose 36% yr/yr, driven by a 57% increase in purchase loan origination volume

* RENTALS REVENUE - Rentals revenue surged 41% yr/yr, with multifamily revenue growing 62%

* COST MANAGEMENT - Improved adjusted EBITDA margin due to effective cost management and better-than-expected revenue growth

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 $676 mln

Revenue

Q3 $0.44

Adjusted

EPS

Q3 Net $10 mln

Income

Q3 $165 mln

Adjusted

EBITDA

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 17 "strong buy" or "buy", 11 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the real estate services peer group is "buy"

* Wall Street's median 12-month price target for Zillow Group Inc ( ZG ) is $91.00, about 24.3% above its October 29 closing price of $68.87

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)