Zillow Earnings: Everything You Need To Know

• Zillow Group-C Z missed earnings and revenue for the quarter, but raised next-quarter guidance. Stock ripped 12% on Tuesday.
• A few days ago, Benchmark's Dan Kurnos said the key with the company long-term is that it monetizes its non-core products: Website's agent finder, home design section, advice content are a few examples.
• Litigation with News Corp NWSA is still an overhang that may be knocking several dollars off share price. Sell-side expects this to get resolved by end of year.
• End-game, Zillow needs to do more M&A to strengthen its market position, Kurnos added.
• One concern going forward: Realtor churn still estimated high by independent analysts, and Zillow doesn't disclose it. This is something Citron warned about four years ago.
• Guidance raise indicates at least partially that the Trulia integration is going smoothly and expected synergies are being realized.

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