Zillow Beats Expectations for Revenue and Adjusted Profit

By Liz Moyer

Investing.com -- Real estate company Zillow Group (NASDAQ: ZG) (NASDAQ: Z) beat expectations for adjusted profit and revenue in the third quarter.

The company also said it had completed the winding down of its home flipping business in the quarter.

Shares of Zillow rose 2.7% in after-hours trading. They are down 53% for the year so far.

Adjusted earnings per share of 38 cents beat the average analyst estimate of 14 cents. Revenue of $483 million was down 12% but beat analyst expectations for $460 million. The net loss was $53 million compared with last year's net loss of $329 million.

The company exited the iBuying business, in which it bought homes and then sold them, after stumbling badly last year.

Rising mortgage rates continue to weigh on consumer demand in the third quarter.

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