Zillow Stock Slides on Soft Outlook

Zillow Group Inc (NASDAQ: Z ) shares are moving lower in Wednesday’s after-hours session after the company reported second-quarter results and issued soft guidance. Zillow Group shares are sliding. Why is Z stock dropping? Zillow Q2 Earnings Rundown Q2 Revenue: $772 million, versus estimates of $758.04 million Q2 Adjusted EPS: 52 cents, versus estimates of 44 cents Total revenue was up 18% year-over-year in the second quarter. Residential revenue was up 7%, Mortgages revenue increased 75% and Rentals revenue increased 31%. The company noted that its revenue growth outperformed the broader residential real estate industry, which grew by 6%. “Zillow delivered another quarter of strong results and consistent execution. We outperformed the broader housing market and our outlook, and we are on track toward our full-year goals,” said Jeremy Wacksman, CEO of Zillow. Zillow...