Zillow (NASDAQ:ZG), a Seattle, Washington-based provider of online real estate services, swung to a second-quarter profit from a year earlier loss as a red hot North American housing market boosted its revenue by 70%.
In the second quarter, Zillow earned $0.04 U.S. a share compared with a loss of $0.38 U.S. a share a year earlier. The latest adjusted earnings were $0.44 U.S. a share.
The company’s shares outstanding rose 19% to $261.5 million U.S. while its revenue reached $1.31 billion U.S. from $768.4 million U.S. during the second quarter of 2020.
Analysts had expected Zillow to report net income of $0.01 U.S. a share, or adjusted earnings of $0.24 U.S. a share on revenue of $1.28 billion U.S.
In terms of forward guidance, Zillow said it expects to report revenue of $2 billion U.S. for this year’s fourth and final quarter. Zillow shares are down 19% on the year at $110.24 U.S. each.