Zillow incurs heavy losses to expand home unit; shares tumble


Online real estate company Zillow said on Wednesday it lost more money in the second quarter than it lost last year as it spent heavily to boost its home segments business, sending shares down 17% in extended trading.

Zillow spent $240.7 million at its home segment business in the quarter to earn revenue of $248.9 million as it expands its Zillow Offers, which marked a shift to become a buyer and seller of homes from just being an online platform to buy and sell homes.

Zillow bought 1,535 homes in the quarter, while it sold just 786. Its purchase was 71% more than the prior quarter, while its sales doubled.

The real estate market is heating up with Amazon partnering with residential real…

Source cnbc.com

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