Zillow Group, Inc. (NASDAQ: Z) reported first-quarter financial results after the markets closed on Tuesday. The company had $0.13 in earnings per share (EPS) on $186 million in revenue compared to consensus estimates from Thomson Reuters that called for a net loss of $0.09 per share on $176.10 million in revenue.
In terms of guidance for the second quarter, Zillow expects to have revenues of $203 million to $208 million compared to the consensus estimate that calls for $185.25 million million in revenue. Guidance for the full year puts revenue in the range of $825 million to $835 million, versus the consensus estimate of $794.26 million.
On the books, cash, cash equivalents, and short-term investments totaled $514 million at the end of the quarter compared to $520 million at the end of the 2015.
As for the business segments, Zillow reported:
- Marketplace Revenue increased 23% to $169 million from pro forma revenue of $136.9 million in the first quarter of 2015.
- Real Estate Revenue increased 34% to $152.5 million from pro forma revenue of $113.4 million in the first quarter of 2015.
- Mortgages Revenue increased 65% to $16.5 million from pro forma revenue of $10 million in the first quarter of 2015.
Spencer Rascoff, Zillow Group CEO, commented:
We are off to an incredible start in 2016. We expected to accelerate revenue growth during the year, and we are already seeing this with only one quarter on the books. Growth across our brands continues to be strong, with Zillow Group as a whole seeing a record number of unique users in March. This will be an exciting year for Zillow Group.
Shares of Zillow closed Tuesday at $25.06, with a consensus analyst price target of $20.50 and a 52-week trading range of $15.36 to $33.62. Following the release, the stock was up 11% at $27.87 in the after-hours trading session.
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