Zillow Shares Drop After Q1 Results: The Details
Portfolio Pulse from Erica Kollmann
Zillow Group Inc. (NASDAQ:Z) reported Q1 earnings of 36 cents per share, surpassing analyst estimates of 34 cents. Quarterly sales reached $529 million, exceeding expectations and marking a 12.79% year-over-year increase. Residential and rentals revenue saw significant growth, with traffic to Zillow's platforms remaining robust. Despite these positive results, Zillow's shares dropped 8.07% in after-hours trading to $38.51.
May 01, 2024 | 9:00 pm
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Zillow Group Inc. reported higher-than-expected Q1 earnings and sales, with significant growth in key revenue segments. However, shares dropped 8.07% after-hours.
Zillow's positive earnings report typically would suggest a potential increase in stock price due to better-than-expected financial performance. However, the after-hours stock price movement indicates investor concerns or reactions to other factors not detailed in the earnings report. This discrepancy between financial performance and stock price movement needs to be analyzed further for underlying causes.
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