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Zillow predicts its first $2 billion quarter and blows away earnings expectations

·4 min read
Zillow predicts its first $2 billion quarter and blows away earnings expectations
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Zillow Group Inc. on Thursday forecast large growth in its newer home-flipping business and its first $2 billion quarter of sales, but the costs of that effort seem to be cutting into profit and hurting the stock. Zillow (ZG) reported second-quarter earnings of $9.6 million, or 4 cents a share, on revenue of $1.31 billion, up from sales of $768 million in the same quarter a year ago, when the COVID-19 pandemic wreaked havoc on many companies’ finances. Zillow closed the day’s regular session with a 0.1% decrease to $110.30.