Why Zillow Stock Crashed an Unlucky 13% Today
Zillow Group (NASDAQ: Z) (NASDAQ: ZG) stock tumbled 13.1% through 10:20 a.m. ET Wednesday, despite beating Wall Street sales forecasts in its earnings release last night.Heading into the quarter, analysts forecast Zillow would collect $546.7 million in sales for its fourth quarter of 2024. In fact, Zillow reported revenue of $554 million. This was a pleasant surprise, and not only to analysts. Zillow noted that it, too, was surprised by its sales strength, which grew 17% year over year and exceeded the midpoint of the company's outlook range. This also marked an acceleration in sales from earlier in the year. For all of fiscal 2024, Zillow's sales grew 15% year over year, to $2.2 billion. Continue reading
Zillow Group (NASDAQ: Z) (NASDAQ: ZG) stock tumbled 13.1% through 10:20 a.m. ET Wednesday, despite beating Wall Street sales forecasts in its earnings release last night.
Heading into the quarter, analysts forecast Zillow would collect $546.7 million in sales for its fourth quarter of 2024. In fact, Zillow reported revenue of $554 million.
This was a pleasant surprise, and not only to analysts. Zillow noted that it, too, was surprised by its sales strength, which grew 17% year over year and exceeded the midpoint of the company's outlook range. This also marked an acceleration in sales from earlier in the year. For all of fiscal 2024, Zillow's sales grew 15% year over year, to $2.2 billion.
