Tue, May 12, 5:44 PM
- After coming off a halt, Zillow (NASDAQ:Z) is up 1.8% AH in the wake of its Q1 report. In spite of a Q1 revenue miss, the company is reiterating full-year revenue and adjusted EBITDA guidance of $690M and $80M-$85M (provided on April 14).
- The Market Leader real estate CRM software unit (acquired by Trulia in 2013) was a weak spot in Q1: Its sales fell 11% Y/Y to $13.6M. Display ad sales were also light, rising only 5% on a pro forma basis (i.e. counting both Zillow and Trulia's full numbers) to $25.6M. Yelp, LinkedIn, and others have reported soft Q1 display ad sales, while often blaming industry adoption of programmatic (automated) ad-buying platforms that have depressed prices.
- Core real estate services revenue was stronger, rising 54% to $113.4M. Mortgage services revenue rose 33% to $10M.
- Business metrics: Zillow had 103,415 Premier Agent advertisers at the end of Q1 - that figure includes Trulia agents. Premier Agent ARPA was $354; it was $359 for Zillow proper in Q4. Following the end of the ListHub deal, Zillow says it now receives 100% of real estate listings directly. March unique visitors totaled nearly 140M, and close to 2/3 of Zillow brand usage now occurs on mobile.
- Pro forma adjusted EBITDA more than doubled Y/Y to $24.5M. $12.5M worth of acquisition costs were recorded, as were $25.1M worth of restructuring costs - Zillow/Trulia announced job cuts after their merger closed in February.
- Q1 results, PR
Tue, May 12, 4:32 PM
Tue, May 12, 4:05 PM
Mon, May 11, 5:35 PM
Mon, May 11, 10:35 AM
- SunTrust's Bob Peck has upgraded Zillow (NASDAQ:Z) to Buy ahead of tomorrow's Q1 report, and hiked his target by $20 to $130.
- Among the positives cited by Peck: A large and growing online real estate market; rising mobile usage; Zillow's network effect; strong ROIs for real estate agents; margin leverage (Peck thinks 45%+ op. margins are possible); and the optionality provided by adjacent opportunities.
- He also dismisses concerns about Zillow's dependence on 3rd-party listings data, competition from News Corp./Realtor.com, and the size of Zillow's addressable agent pool. "At ~55% penetration of the top 350K agents (or ~200K) Zillow could generate ~$4B in agent revenues."
- Zillow rallied last month after providing below-consensus 2015 guidance amid low expectations. Two weeks ago, Peck downgraded Twitter just before the company posted a Q1 sales miss and cut its full-year guidance (and crashed in response).
Mon, Apr. 27, 3:06 PM
- Today's notable tech gainers include online real estate leader Zillow (Z +4.3%), online travel deals platform Travelzoo (TZOO +8%), and gaming IP licensing firm Worlds (OTCQB:WDDD +15.5%).
- Notable decliners include wireless charging tech developer Energous (WATT -9.3%), enterprise mobility management software firm MobileIron (MOBL -9.4%), Chinese mobile game publisher iDreamSky (DSKY -7.1%), and cloud tech support software provider Support.com (SPRT -6.6%). The Nasdaq is down 0.6%.
- Zillow is now up 10% since providing soft full-year guidance on April 14. Travelzoo is up 32% since posting a Q4 beat on April 16.
- Energous is selling off after filing a $75M mixed shelf following Friday's close. MobileIron is down 34% since issuing a Q1 warning last Wednesday. iDreamSky is missing out on a Chinese tech rally.
- Previously covered: Applied Materials, Aerohive, Taser, Oclaro, JD.com, Sky-mobi, 3D Systems/Stratasys
Tue, Apr. 14, 10:03 AM
- Zillow (NASDAQ:Z) has fallen to new 52-week lows after providing light 2015 revenue guidance on its CC, and forecasting full-year adjusted EBITDA of just $80M-$85M. However, shares have quickly bounced from a low of $81.07.
- Zillow also stated on the CC 2015 will be a "transition year," and suggested Premier Agent net adds will be light. Shares trade for 6.9x Zillow's 2015 revenue forecast.
- Update (1:50PM ET): Zillow is now only down 1.9%.
Tue, Apr. 14, 9:13 AM| 3 Comments
Mon, Apr. 13, 6:35 PM
- Zillow (NASDAQ:Z) has scheduled a conference call for 9AM ET tomorrow (webcast). The online real estate giant will use it to provide "an operational progress report" on the Trulia deal, and to "discuss its preliminary full-year pro forma outlook for 2015."
- Shares have risen to $95.15 AH. They fell 4.8% in regular trading ahead of the announcement.
Mon, Apr. 13, 5:39 PM
Mon, Apr. 6, 10:29 AM
- Believing traffic growth is slowing for both the Zillow and Trulia brands and that the slowdown could be a sign of market saturation, Barclays' Chris Merwin has downgraded Zillow (Z -1.3%) to Equal Weight, and cut his target by $35 to $105.
- Merwin also thinks premier agent net add growth is slowing, and expects Zillow to offer large brokerages discounts in order to get access to their listing inventory - he does qualify by stating Zillow could later re-price "at a substantial premium." He adds the company hasn't reported monthly unique visitor traffic since January, a month during which growth slowed to 24%.
- Shares opened down over 3%, but have since bounced. They're down 40% from a high of $164.90 (set amid Trulia merger euphoria).
- Last week: Cowen cuts Zillow target; more MLS deals struck
Tue, Mar. 31, 6:12 PM
- Believing the expiration of ListHub agreements could respectively cost Zillow proper and Trulia 3% and 10% of their listings, Cowen's Thomas Champion has cut his Zillow (NASDAQ:Z) target by $4 to $105.
- Champion also thinks their could be spillover effects from the loss of ListHub data. "[I]t's possible the loss of ListHub could result in a thinning of listings in some geographies or heightened data inaccuracies ... Although there are many third-party listings sources, ListHub is perceived as being higher-quality. Overall listings and pricing accuracy have historically been an issue for Zillow based on our survey findings."
- The target cut comes as Zillow/Trulia continue rapidly striking new deals with MLS' to get direct access to their listings. Earlier today, Zillow announced a deal with Arizona's ARMLS, which has 31K members in the state. Last week, Zillow stated it had added 16 new U.S. MLS partners.
- Zillow and Trulia are both set to lose ListHub's data in April. Trulia settled with ListHub 3 weeks ago.
Thu, Mar. 12, 4:05 PM
- Trulia (NASDAQ:Z) has settled its suit against News Cop.-owned Move, launched last month after Move's ListHub unit terminated a deal to provide real estate listings ahead of its June 2016 conclusion.
- The settlement requires ListHub to provide listings to Trulia only until April 7. GeekWire reports the agreement came after a lengthy hearing during which Judge Ernest H. Goldsmith "didn’t seem all that sympathetic to Trulia’s arguments," and was "particularly unconvinced by Trulia’s arguments that ListHub provides unique data because it brings together information from a wide variety of brokers and multiple listing services."
- The site notes Zillow, whose own deal with ListHub expires in April - it's looking for alternate sources - might "provide a feed of listings to Trulia in order to replace at least some of what the company will lose as a result of ListHub cutting off its feed."
- Zillow closed down 1.6% today. The Nasdaq rose 0.9%.
- Previously: Trulia wins retraining order against ListHub
Tue, Feb. 24, 4:05 PM
- A few days after Zillow (Z -3.1%) announced it's filing for a temporary restraining order against News Corp.-owned Listhub for ending its Trulia listings deal (effective Feb. 26) well before its planned June 2016 expiration, a San Francisco judge has granted a restraining order.
- The order will remain in place at least until March 12 - the date set for a court hearing on the matter. Trulia: "We’re very pleased with this preliminary decision, and hopeful the court will grant us the further time necessary to make this transition in an orderly way."
- Shares nonetheless sold off today, thanks to a downgrade to Neutral from Macquarie. The downgrade comes in the wake of a sharply rally in Zillow's shares following the closing of its merger with Trulia.
Fri, Feb. 20, 4:21 PM
- Just days after Zillow and Trulia officially closed their merger, News Corp.-owned ListHub has announced it will stop providing listings to Trulia on Feb. 26, thereby ending an agreement originally set to conclude in June 2016.
- Zillow Group (NASDAQ:Z) has responded by seeking a temporary restraining order against ListHub, which is already set to stop supplying listings to Zillow proper in April. The company has been busy finding alternate listing sources, and has insisted no longer being dependent on a rival for listings - News Corp. owns Realtor.com - will be a long-term positive.
- Shares rose 3.4% today, and are up 15% since the merger officially closed.
Wed, Feb. 18, 12:51 PM
Z vs. ETF Alternatives
Zillow Group Incoperates the real estate and home-related information marketplaces on mobile and the Web, with a complementary portfolio of brands and products to help people find vital information about homes and connect with local professionals.
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