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Zillow profit tops estimates as housing boom drives web clicks
Patrick Clark, Bloomberg News VIDEO SIGN OUT
Zillow Group Inc. reported better-than-expected profit in the fourth quarter, as the pandemic-era housing boom drove traffic to the companyâs mobile apps and websites.
- The company posted adjusted earnings before interest, taxes, depreciation and amortization of US$170 million, beating expectations of US$125 million, according to a statement on Wednesday. Adjusted Ebitda increased from a US$3.2 million loss a year earlier. Revenue also topped estimates.
- Zillow also announced it has agreed to pay US$500 million to acquire ShowingTime.com Inc., which makes tools for house-hunters to arrange home tours with agents.
Zillow Follows Saturday Night Live Spoof With Record Profit
Bloomberg 2/10/2021 Patrick Clark
(Bloomberg) Zillow Group Inc. has cemented its role in the pandemic-era zeitgeist, with “Saturday Night Live” poking fun at homebound millennials who lust after online home listings.
The growing popularity of the company’s websites and apps has also earned the company record profits during the fourth quarter, with adjusted earnings before interest, taxes, depreciation and amortization of $170 million, according to a statement on Wednesday.
That beat the average analyst estimate of $125 million and represented a wide swing from a $3.2 million loss a year earlier period. The results sent shares surging as much as 13% to $193.39. The company’s stock had already jumped more than 600% since bottoming out in March.