Volume Alert: Zillow Soaring on Extremely Heavy Volume After Q1 Results
Real-estate information website, Zillow, Inc. (NASDAQ: Z) released its first-quarter earnings results after the closing bell on Wednesday. During Thursday's trading session, the stock is showing one of the highest volume spikes on NASDAQ as investors and traders push up the stock on account of strong Q1 results. At last check, Z shares were trading up 16% to $41.86 and showing a strong intra-day trend. Volume is running at over 1,000% the normal average.
Zillow reported a first-quarter profit of $1.7 million or $0.06 per share, compared to a loss of $0.8 million or $0.06 per share, in the year ago period. This compared to analysts' consensus EPS estimates calling for a profit of $0.03 per share for the quarter.
Revenues in the period doubled to $22.8 million from $11.3 million last year. This compared to analysts' consensus revenue estimates of $21.51 million.
Looking ahead to Q2, Zillow sees revenues in a range of $25.5 million to $26.5 million, representing 64 percent growth over last year. Currently, analysts' have consensus revenue estimates of $24.84 million for the second quarter.
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