When Zillow Group Inc. (NASDAQ: Z) released its third-quarter financial results after the markets closed on Tuesday, the company posted $0.18 in earnings per share (EPS) on $343.1 million in revenue. Consensus estimates had called for $0.17 in EPS on revenue of $343.09 million. In the same period of last year, Zillow said it had EPS of $0.19 and $281.84 million in revenue.
Separately, Zillow announced the appointment of Allen Parker as its new chief financial officer.
During the quarter, over 186 million average monthly unique users accessed Zillow brand mobile apps and websites, an increase of 7% year over year. Zillow mobile apps and websites reached an all-time traffic high of more than 195 million unique users in July 2018.
Visits to mobile apps and websites Zillow, Trulia, StreetEasy and RealEstate.com increased 13% year over year to roughly 1.9 billion.
Revenue from Premier Agent advertisers who have been on Zillow’s platform for more than one year grew 26%.
Looking ahead to the fourth quarter, the company expects to see revenues in the range of $340 million to $357 million. Consensus estimates call for $0.18 in EPS and $367.93 million in revenue for the quarter.
Spencer Rascoff, Zillow CEO, commented:
Zillow Group is undergoing a period of transformational innovation, including our new Premier Agent lead validation and distribution process, Zillow Offers, and now mortgage origination, which together will provide more of an end-to-end real estate transaction experience for consumers. We believe that these changes will have positive long-term effects for consumers, our industry partners and our business. It will take time for advertisers to adapt to these changes, but we are confident that they set us up for long-term growth.
Shares of Zillow were last seen down over 23% at $31.45, with a consensus price target of $50.00. The stock has a 52-week trading range of $30.30 to $65.70.
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