Zillow Soars on Revenue Growth, Led By Mobile
NEW YORK (TheStreet) -- Fourth-quarter results from Zillow (Z) surged past Wall Street expectations, sending shares higher.
Zillow earned 2 cents a share on $34.3 million in revenue for the fourth quarter, up 73% year-over-year. Analysts polled by Thomson Reuters were expecting Zillow to break even this quarter on $31.47 million in revenue.
"It was a terrific quarter, ending a great year. I'm really proud of the year we had this year," Rascoff said in an interview with TheStreet.
Revenue growth was led by Marketplace revenue, which was up 95% year over year to $26.8 million. The company's quarterly traffic rose 47% year over year, thanks in part to the surge in mobile. Zillow saw 34.5 million average monthly unique users, with more than 50% of these visits coming from mobile devices in December.
The company's mobile strategy continues to drive revenue growth, with Rascoff noting that 100% of Zillow Premier agents are moving towards a mobile buying experience. "A home buyer viewing on mobile is three times more likely to buy a home than when viewing on desktop," Rascoff said during the phone interview.
Zillow will hold a conference call at 5 P.M. EST to discuss the results and provide its first-quarter 2013 outlook.
Shares of Zillow closed the regular session higher, adding 7.79% to finish at $38.97. The stock is moving higher in extended-hours trading, gaining 5.72% to trade at $41.20 according to Nasdaq.com.
--Written by Chris Ciaccia in New York
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