Zillow quarterly revenue beats estimates on strong home sales

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Feb 19 (Reuters) – Zillow Group reported better-than-expected quarterly revenue on Wednesday as more people used its real estate website to buy and sell homes.

Revenue from the company’s home unit, which accounts for more than half of its revenue, ballooned to $603.2 million in the fourth quarter ended Dec. 31 from $41.3 million a year earlier.

Revenue from its Premier Agent Program, which promotes real estate brokers for a fee, rose 5.6% to $233.5 million.

The Seattle-based company has more than 100 million homes listed on its platform. Zillow’s home valuation tool, Zestimates, has become increasingly popular with home buyers, helping the company stand out in the crowded online real estate space.

The company has also benefited from its move to buy and sell homes under Zillow Offers.

Revenue surged to $943.9 million from $365.3 million, beating analysts’ estimates of $815.3 million, according to IBES data from Refinitiv.

Net loss, however, widened to $101.2 million from $97.7 million a year earlier. (Reporting by Neha Malara in Bengaluru)

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