By Anne Steele
Zillow Group Inc. again lifted its revenue outlook for the year as the top and bottom lines surged above expectations in the latest quarter.
For 2016, the company now expects to report $837 million to $842 million in revenue, up from an earlier view of $830 million to $840 million.
The Seattle-based company, which runs online real estate portals used by house hunters and real-estate agents, bought former rival Trulia last year. The company acquired New York City apartment-search site Naked Apartments for $13 million, and in August said it would buy listing service Bridge Interactive Group.Zillow said it averaged 164 million unique visitors during the third quarter, up 16% from a year earlier. The company said its market share grew to nearly two-thirds of the mobile and web real-estate market. Real estate revenue surged 45% to $206.9 million. Meanwhile, display revenue fell 25% as Zillow continues to de-emphasize display advertising.
Total revenue shot up 27% to $224.6 million, above the $220.9 million analysts polled by Thomson Reuters predicted.
For the September quarter, Zillow earned $6.8 million, or 4 cents a share, compared with loss of $26 million, or 15 cents a share, year earlier. On an adjusted basis factoring out certain items, the company posted earnings of 17 cents a share, above analysts' expectations for 13 cents a share.
Shares, up 26% this year, rose 0.6% to $33.20 apiece after hours.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
November 01, 2016 18:33 ET (22:33 GMT)
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