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Zillow raises revenue forecast for homes business; to buy back shares worth $750 million -Breaking

by Mike Robinson

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© Reuters.

(Reuters) – Zillow Group Inc (NASDAQ) raised its revenue projection for unit managing the purchase and sale of houses after it said that it has made progress in reducing inventories.

Zestimates is a popular home-valuation tool. The company now anticipates that fourth quarter revenue will be $2.3 billion to $2.9 trillion, as opposed to its previous estimate of $1.7 billion and $2.1 billion.

After the bell, shares of the company rose by 6%.

Since the announcement of Zillow Offers’ exit from home-flipping in November (citing volatile home prices), they have dropped over 37%

Rich Barton of Zillow, Chief Executive said that he recognized the benefits to having Zillow Offers no longer in operation.

Zillow Offers was a company that used to purchase homes from their owners and then refurbish them for sale later.

Zillow is either under contract, has sold or agreed to terms to sell more than half of its homes.

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