Seeking Alpha

Zillow (Z)

  • Oct. 29, 2014, 6:11 PM
    • Trulia's (NYSE:TRLA) Y/Y Marketplace revenue growth slowed to 78% in Q3 from 142% in Q2, and its Media revenue growth to 26% from 41%. Marketplace was 83% of Q3 revenue, and Media 17%.
    • The company's monthly unique visitors rose 36% Y/Y in Q3 to 55M; Q2 growth was 48%. Mobile monthly uniques +89% to 29.9M; growth was nearly even with Q2's 92%.
    • Subscribers grew by 3.9K Q/Q to 77.9K. ARPU was $204, down $2 Q/Q and up $8 Y/Y. New contributions to user-generated content rose 5% Y/Y to 1.2M.
    • Excluding restructuring costs, GAAP opex rose 76% Y/Y to $89.3M. Cost of revenue totaled $12M, R&D spend $14.9M, sales/marketing $38.9M, G&A $11.6M, and acquisition costs $10.8M.
    • Trulia isn't providing guidance ahead of its planned merger with Zillow (NASDAQ:Z). Zillow reports on Nov. 5.
    • Q3 results, PR
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  • Oct. 29, 2014, 5:44 PM
    • Top gainers, as of 5:15 p.m.: LAKE +20.9%. CJES +10.7%. APT +9.0%. LOPE +8.8%. FORM +8.2%.
    • Top losers, as of 5:15 p.m.: AFOP -15.6%. GLUU -15.0%. PRXL -12.4%. TRLA -7.9%. Z -5.2%.
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  • Oct. 29, 2014, 4:14 PM
    • Trulia (NYSE:TRLA): Q3 EPS of -$0.08 in-line.
    • Revenue of $67.14M (+66.7% Y/Y) misses by $2.82M.
    • Shares -2.38% AH.
    • Press Release
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  • Oct. 28, 2014, 6:38 PM
    • Facebook beat Q3 estimates, but provided Q4 revenue guidance that was slightly below consensus at the midpoint.
    • Twitter (NYSE:TWTR) -1.7% AH; shares fell 9.8% in regular trading due to yesterday's Q3 results and guidance.
    • LinkedIn (NYSE:LNKD) -1.6%. Pandora (NYSE:P) -1.2%. YELP -1.6%. Zillow (NASDAQ:Z) -1%.
    • Many of the same names sold off after Netflix and eBay's earnings two weeks ago.
  • Oct. 6, 2014, 5:01 PM
    • Zillow (NASDAQ:Z) had 82.8M monthly unique users in September. That's up 42% Y/Y and down 4% M/M (hurt by seasonality and one less day).
    • Y/Y growth rose from August's 35% clip, but was below July's 45% and June's 49%.
    • Shares are at their lowest levels since May, two months before the Trulia merger was announced.
  • Sep. 30, 2014, 11:37 AM
    • Zillow (Z -2.6%) and Trulia (TRLA -1.8%) are selling off following news rival Move is being sold to News Corp. for $950M.
    • News Corp. promises to "use [its] media platforms and compelling content to turbo-charge traffic growth and create the most successful real estate website in the U.S." The media giant also plans to boost Move's "sales and marketing support."
    • Move's sites (inc. currently reach 35M people/month; Zillow claimed 86.3M monthly unique users in August, and Trulia claimed 54M as of June.
    • Zillow and Trulia are respectively down 29% and 27% from their July highs, which were hit amid merger-related euphoria.
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  • Sep. 22, 2014, 1:45 PM
    • High-beta tech stocks are selling off hard as the Nasdaq registers a 1.3% decline. The selling is broad-based, with Internet, solar, and enterprise tech stocks all well-represented among the ranks of major decliners.
    • Major Internet decliners: BIDU -4.7%. ANGI -7%. YELP -5.9%. AWAY -5.1%. CHGG -5.9%. GRUB -5.8%. P -5.2%. Z -4.6%. TRLA -4.8%. ATHM -7.9%. BITA -7%. DANG -5.9%. WB -5.3%.
    • Solar: FSLR -4.5%. SCTY -7.5%. SPWR -4.5%. DQ -7.6%. JKS -5.5%. ASTI -6.3%. ENPH -5.5%. CSIQ -4.8%.
    • Enterprise: WDAY -5.4%. GIMO -6.7%. VMEM -7.7%. IMPV -4.8%. MKTO -4.9%. SPRT -5.1%. CSOD -5.5%.
    • Others: HIMX -4.6%. SIGM -5.6%. WATT -9.7%. CYNI -5.3%. ADNC -5.7%. PXLW -5%. SWIR -5.8%. MITK -6%. OCLR -6%.
  • Sep. 8, 2014, 5:35 PM
    • Top gainers, as of 5:15 p.m.: BNNY +37.2%. WWAV +5.2%. NVTL +4.4%. TRLA +4.2%. ECYT +4.1%.
    • Top losers, as of 5:15 p.m.: RPM -7.7%. PBY -7.3%. FCEL -4.9%. PF -3.9%. GV -3.6%.
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  • Sep. 8, 2014, 12:20 PM
    • Though the title of Andrew Left's presentation tomorrow at the Value Investing Congress - "The Myth of Zulia" - has been known for over a week, it's as good of an excuse as any for today's downward slide in Zillow (Z -4.2%) and Trulia (TRLA -4.2%).
    • Citron's original bearish report on Zillow was almost two years ago to the day. The stock's roughly a three-bagger since.
  • Sep. 5, 2014, 11:04 AM
    • PAA Research reports Zillow (Z -2%) has made changes to its Featured Listings service for Premier Agent subs in an effort to boost growth.
    • PAA, which has been bearish on Zillow for some time, thinks the changes could be a sign Zillow's ad inventory issues are growing as brokers try to exert more leverage.
    • Merger partner Trulia (TRLA -1.6%) is also off. Zillow's display revenue rose 53% Y/Y in Q2 to $16.1M; Trulia's media revenue rose 41% to $10.9M.
    • Previous: FTC wants more info from Zillow/Trulia
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  • Sep. 3, 2014, 5:27 PM
    • The FTC has made a second request for information from Zillow (NASDAQ:Z) and Trulia (NYSE:TRLA) regarding their planned merger. The companies say they're "gathering information to respond promptly to the second request."
    • Though generally expected to be approved, the merger has caused some angst among real estate agents worried the combined entity will have too much market power.
    • Zillow and Trulia have tried to soothe those concerns by promising their brands will stay independent, though ad services/marketing platforms will be integrated. The deal is expected to close in 2015.
  • Aug. 9, 2014, 8:55 AM
    • The stocks of both Zillow (NASDAQ:Z) and Trulia (NYSE:TRLA) have already fallen about 15% since their merger deal - dubbed Godzulia by the bulls - was announced, writes Bill Alpert, perhaps reflecting worry their "heft might be computer-generated imagery."
    • Though the market cap of the companies nearly equals the marketing budget for all U.S. realtors, they have yet to monetize much of their hefty Web traffic, and while bulls like to think their combo will make for an advertising "must buy," the two have both been quietly offering deep discount to chains like Realogy (NYSE:RLGY), suggesting any thesis about pricing power may need to be rethought. "We have the audience," says Zillow boss Spencer Rascoff in response. "Eventually, the advertising dollars will follow the audience."
    • There's no doubting impressive growth in traffic. From a few million monthly visitors in 2008, Zillow's traffic rose to 25M browsing from desktops and another 28M from mobile devices in June. Revenues have grown nicely as well, but not at as fast a pace as traffic, and earnings have been even harder to come by - at least if you count expenses the way GAAP does. "Clearly, there's still work to be done because Zillow and Trulia haven't proved yet that they can grow their Web traffic and ad sales profitably."
  • Aug. 6, 2014, 9:14 AM
  • Aug. 5, 2014, 6:30 PM
    • Zillow (NASDAQ:Z) expects Q3 revenue of $87M-$88M and full-year revenue of $321M-$323M, above consensus estimates of $82.6M and $310.8M. Full-year adjusted EBITDA guidance has been hiked by $4M to $52M-$54M.
    • The figures don't assume any revenue from the Trulia (NYSE:TRLA) merger, which is expected to close in 2015.
    • Q2 Marketplace revenue +72% Y/Y to $78.7M, an even growth rate with Q1. Within the segment, real estate revenue rose 83% to $56.1M, and mortgages revenue 13% to $6.6M.
    • Display (ad) revenue +53% Y/Y to $16.1M, after growing 62% in Q1.
    • Premier Agent subs rose by 3,850 Q/Q to 56.8K; 4,654 were added in Q1. ARPU rose to $320 from $286 in Q1 and $266 a year ago. Monthly unique users rose 49% to 81.1M, and mobile visits nearly doubled.
    • With marketing and R&D spend remaining aggressive, GAAP costs/expenses rose 56% Y/Y to $89.4M. Sales/marketing spend made up $48.1M of the total.
    • Zillow is nearly unchanged AH. Trulia is up 1.1%.
    • Q2 results, PR
  • Aug. 5, 2014, 4:34 PM
    • Zillow (NASDAQ:Z): Q2 EPS of -$0.05 misses by $0.01.
    • Revenue of $78.7M (+67.7% Y/Y) beats by $2.18M.
    • Press Release
  • Jul. 31, 2014, 4:16 PM
    • Trulia (NYSE:TRLA): Q2 EPS of -$0.11 beats by $0.06.
    • Revenue of $64.08M (+115.7% Y/Y) beats by $1.76M.
    • Press Release
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Company Description
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.