Zillow Group Inc (NASDAQ:ZG) had a mixed quarterly report that saw shares tumble after hours as earnings and revenue topped expectations, but the company’s guidance missed the mark.
The online real estate database company said that its first quarter of fiscal 2018 brought in net losses of $18.6 million, or 10 cents per share, much wider than its losses of $4.6 million, or 3 cents per share from its first quarter of fiscal 2017. On an adjusted basis, Zillow Group earned 7 cents per share, which was stronger than the 7 cents per share that analysts were calling for, according to data compiled by FactSet.
The company raked in revenue of $299.9 million during the quarter, better than the $245.8 million from the year-ago quarter. Analysts were calling for revenue of $298 million for the company’s first quarter in their consensus estimate, according to data compiled by FactSet.
For its second quarter, Wall Street predicts Zillow Group’s adjusted earnings as being 11 cents per share, while revenue is slated to reach $343 million. However, the company projects that second-quarter revenue will only reach somewhere in the range of $322 million to $327 million.
The real estate database company added that as of May 31, CFO Kathleen Philips will step down from her role and be temporarily replaced by vice president of financial reporting Jennifer Rock. The move is temporary until the company can find a suitable replacement for Philips, who will remain as Chief Legal Officer through 2018.
ZG stock gained 4.9% during regular trading hours Monday, but fell nearly 7.5% after the bell on its weak second-quarter outlook.
More From InvestorPlace
- 7 Great REITs to Own in Good Times and Bad
- 8 Companies That Could Disappear by 2019
- 10 Dividend Stocks to Buy With Low Yields, But Big Dividend Growth
The post Zillow Group Inc Stock Sinks on Weak Q2 Outlook Despite Q1 Beat appeared first on InvestorPlace.