Real Estate
Zillow Stock Slumps on First-Time Buyer, Mortgage Rate Headwinds
- First-time buyer activity is underperforming, Zillow says
- Zillow’s first-quarter revenue beat analyst estimates
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Zillow Group Inc. shares fell after the real estate company published a second-quarter outlook that called for lower revenue in its core business and predicted stalling growth in the broader US housing market.
Zillow, led by Chief Executive Officer Rich Barton, expects revenue from its residential business to be between $372 million to $382 million in the second quarter, according to a shareholder letter Wednesday. That’s less than the $393 million that the company took in during the first three months of the year.