:max_bytes(150000):strip_icc()/GettyImages-1569123406-0b125ec965624b029e52858117a941e8.jpg?w=1024&resize=1024,1024&ssl=1 "Zillow Stock Soars as Real Estate Company Names New CEO, Reports Revenue Growth")
Key Takeaways
- Shares of Zillow Group soared on Thursday, one day after the company named a new CEO and announced better-than-expected second-quarter results.
- The real estate services company reported a narrower loss and better-than-expected revenue for the second quarter, as demand for all of its services grew.
- Zillow announced COO Jeremy Wacksman would be the new CEO, replacing co-founder Rich Barton.
Zillow Group (Z) shares jumped as the real estate services company reported better-than-expected results for the second quarter and named a new chief executive officer.
The company posted a second-quarter loss of $0.07, less than half of what it was a year ago and just one-third of the average estimate of analysts surveyed by Visible Alpha. Revenue was up 13% to $572 million, also beating forecasts.
Residential revenue increased 8% to $409 million, as the company improved connections between high-intent customers and its Premier Agent partners. Rentals revenue gained 29% to $117 million, primarily driven by a 44% increase in multi-family revenue. Mortgages revenue grew 42% to $34 million as purchase loan origination volume soared.
Zillow’s mobile apps and sites had 231 million average monthly unique users, little changed from 2023, although visits rose 4% to 2.5 billion.
Along with the earnings news, the company said COO Jeremy Wacksman has taken over as CEO, replacing Zillow co-founder Rich Barton. Barton will be Co-Executive Chair with fellow co-founder Lloyd Frink.
Zillow shares were up 20% in late trading Thursday. Despite the gain, the stock is still down 14% since the begging of the year.
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