- Zillow reported better-expected-results for the third quarter and provided a fourth-quarter forecast that exceeded analysts’ estimates.
- The stock rose after hours, extending its gains for the year.
- “We believe these tailwinds are durable, supported by low interest rates and demographic shifts,” CEO Rich Barton said in his letter to shareholders.
Zillow shares climbed more than 8% in extended trading on Thursday after the digital real estate company reported third-quarter estimates that blew past analysts estimates and offered a better-than-expected forecast for the fourth quarter.
A combination of record low mortgage rates and a pandemic-related trend towards remote work has led Americans to move and spurred a surge in existing home sales. Zillow provides inventory across the country along with technology that allows prospective buyers to shop for homes and take virtual tours.
Zillow reported third-quarter