Seeking Alpha

Zillow -3.7% AH in spite of Q4 beat, strong guidance

In addition to beating Q4 estimates, Zillow (Z) has guided on its CC for 2014 revenue of $288M-$294M, above a $283.9M consensus. But with shares having more than doubled over the last 12 months, investors are deciding to sell on the news.

Q4's 70% Y/Y revenue growth rate eclipsed Q3's 67% pace. Marketplace revenue (79% of total) +71% Y/Y vs. +73% in Q3, display (ad) revenue +67% vs. +50%.

Premier Agent subs rose by 8% Q/Q and 64% Y/Y to 48.3K. Average revenue/sub rose $7 Q/Q and $4 Y/Y to $271.

Monthly unique users rose 57% Y/Y to 54.4M. Mobile visits doubled Y/Y, and now make up 2/3 of visits.

Sales/marketing spend rose 72% Y/Y to $25M. The growth rate represents a slowdown from Q3's torrid 121% clip. R&D spend rose 62% to $14.6M.

Q4 results, PR

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