Stock Groups

Zillow shares plunge after announcing it will close home-buying business

[ad_1]

Zillow Inc. co-founder Richard Barton (or ‘Rich’ as he is commonly known)

Andrew Harrer | Bloomberg | Getty Images

ZillowAfter the digital estate company announced that its business, which buys and flips houses, is continuing to exist on Tuesday, shares fell during extended trading.

Rich Barton, Zillow’s CEO and President stated that “we’ve discovered the unpredictability of forecasting home prices far exceeds our expectations.” This statement was part of Zillow’s third quarter earnings report. Continue scaling Zillow Offers will result in excessive earnings and volatility to the balance sheet.

After a plunge of 10% in regular market hours, the stock plummeted 6%.

This is important breaking news. Keep checking back for more updates.

[ad_2]