Zillow Group, Inc. (NASDAQ:Z) stock is moving higher on Thursday after the company reported better-than-expected second quarter earnings on Wednesday.
What To Know: Zillow reported adjusted EPS of 39 cents beating analysts estimate of 27 cents and sales of $572 million beating analysts estimate of $537.58 million.
The company broke down the $572 million in total revenue into $409 million in residential revenue, $119 million in rentals revenue and $34 million in mortgages revenue. Notably, mortgages revenue represents a 42% year-over-year increase and rentals revenue represents 29% year-over-year increase.
Also, the company reported adjusted EBITDA of $124 million and stated that at the end of the quarter cash and investments were $2.6 billion.
Zillow announced that Jeremy Wacksman has been promoted to CEO and was appointed to the company's Board of Director. "Zillow outperformed the residential real estate industry for the eighth consecutive quarter, delivering better-than-expected revenue across the business," said Wacksman.
"We're executing well, continually shipping exceptional products and services in Zillow's housing super app as we build the digital future of real estate. With an increasingly diversified and growing business, we are on our way to deliver strong GAAP profitability over time and meet our 2024 expectations to deliver double-digit revenue growth and modestly expand our Adjusted EBITDA margin. We are well positioned to capture more of our total addressable market and help more people get home."
Analyst Changes: Following the earnings report, Wedbush analyst Jay McCanless reiterated Zillow Gr with a Neutral and maintained $50 price target.
Related Link: What Analysts Are Saying About UMH Properties Stock
Z Price Action: Zillow stock at the time of writing is trading 19.8% higher at $50.04, according to data from Benzinga Pro.
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