Zillow Group Inc ( ZG ) reported financial results for the third quarter after the bell on Wednesday. Here’s a look at the key details from the print.
Q3 Revenue: $581 million, versus estimates of $554.68 million
Q3 Adjusted EPS: 35 cents, versus estimates of 29 cents
Total revenue was up 17% year-over-year. Residential revenue climbed 12%, Rentals revenue was up 24% and Mortgages revenue jumped 63% year-over-year.
“We continue to invest in tech solutions to build the integrated transaction experience consumers demand and deserve. These investments give Zillow ( ZG ) an advantage as we connect high-intent movers with high-performing agents, driving adoption of our services and contributing to increased revenue,” said Jeremy Wacksman, CEO of Zillow ( ZG ).
Zillow ( ZG ) had 233 million average monthly active users across its mobile apps and sites in the quarter, up 1% year-over-year. Visits during the period were up 3% year-over-year to 2.4 billion.
Zillow ( ZG ) said it ended the third quarter with $2.2 billion in cash and investments, down from $2.6 billion at the end of the second quarter.
“Looking ahead, we're focused on capturing a more meaningful share of the $30 billion accessible total addressable market in residential real estate already in our funnel today, while continuing to deliver on behalf of customers and shareholders,” the company said in a letter to shareholders.
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ZG Price Action: Zillow ( ZG ) shares were up 11.88% in after-hours, trading at $62.74 at the time of publication, according to Benzinga Pro. It’s worth noting that the stock closed Wednesday down 7.47% before popping in extended trading.