Seeking Alpha

Trulia -10.8% AH on mixed results, guidance. Zillow -1.7%.

  • Trulia (TRLA) expects Q1 revenue $53.1M-$53.5M and 2014 revenue of $245M-$248M, in-line with consensus estimates of $53.3M and $246.3M. With shares coming into earnings trading at 10.9x EV/sales, those numbers could be disappointing some investors.
  • Also: Though Trulia's 2014 revenue guidance implies 72% growth at the midpoint, adjusted EBITDA is only expected to grow to $18M-$22M (8% margin at the midpoint) from 2013's $17.1M.
  • Marketplace revenue soared 190% Y/Y in Q4 to $42.2M after growing 96% in Q3. Media revenue +26% to $7.6M vs. +22% in Q3.
  • Monthly unique visitors +49% Y/Y to 35.3M, mobile monthly uniques +86% to 14.3M. Subscribers rose by 3.3K Q/Q to 59.7K, average revenue/subscriber fell $7 Q/Q and rose $7 Y/Y to $179.
  • Sales/marketing spend rose 112% Y/Y in 2013 to $71.4M. R&D +72% to $34.6M, G&A +139% to $32.7M.
  • Zillow (Z), which closed near breakeven after posting a Q4 beat and above-consensus revenue guidance yesterday afternoon, is following Trulia lower.
  • Q4 results, PR
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