Zillow craters 19% after revenue guidance misses expectations
- Zillow shares fell by as much as 19% in after-hours trading after the company’s third-quarter revenue guidance missed analysts’ expectations.
- The online real estate database said it sees Q3 revenue coming in between $337 million and $347 million. Analysts had estimated $408.4 million according to Bloomberg.
- Second-quarter revenue also missed forecasts, at $325.2 million ($325.5 million expected).
- Zillow also announced that it acquired Mortgage Lenders of America to bolster its home-flipping business.
- The company halted its stock after the market close on Monday, pending the news.
- Shares had jumped 45% this year through the market close.
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