(Zillow Group) Zillow stock surged more than 13% on Friday after the company announced a fourth-quarter 2021 revenue of $3.88 billion, up from $89 million in the prior year. The revenue was above $2.98 billion estimates.
The strong quarterly revenue by Zillow was attributed to the company’s home segment, whose sales of $3.3 billion in the fourth quarter exceeded the company’s own outlook.
The IMT segment turned in $483 million in revenue in the fourth quarter, up 14% from the prior year and above the company’s $481 million midpoint outlook.
For the full year 2021, Zillow reported revenue of $8.1 billion, up 144% from the prior year.
Zillow recorded a net loss of $261 million in the fourth quarter, up from a net income of $46 million in the prior year. Net loss in FY21 widened to $527.8 million from $162.12 million in FY20.
The company reported that traffic to its websites and mobile apps in the fourth quarter was 198 million average monthly unique users, almost unchanged from the prior year. F21 visits rose 6% to 10.2 billion.
ZG: NASDAQ is up +13.64%.
