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Zillow Warns That 2015 Will Be A 'Transition' Year

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Shares of Zillow Group Inc (NASDAQ: Z) were halted during Tuesday's pre-market trading session ahead of a planned conference call with investors.

The company began a conference call at 9 a.m. in which management discussed its acquisition of Trulia, which closed on February 17. The company is also expected to discuss in detail its full-year pro forma outlook for 2015.

"In less than two months since we completed the Trulia acquisition, we are making great strides in integrating our operations and cultures, which sets the stage for future growth as one company with multiple brands," said Spencer Rascoff, CEO of Zillow Group in a press release on Monday. "We're committed to ensuring our employees, partners and shareholders are frequently updated on our integration progress and expectations as we look ahead."

Early Conference Call Update: 2015 Estimates Disclosed

Zillow announced during its conference call that it expects its fiscal 2015 adjusted sales being approximately $690 million, falling short of the $753 million analysts were expecting. EBITDA was projected to be in a range of $80 million to $85 million.

Management also noted that 2015 is expected to be a "transition year."

A live webcast of the conference is available on the investor relations section of Zillow's website at http://invstors.zillowgroup.com. A replay will be available on the website once the presentation is complete.

Shares of Zillow closed Monday unchanged at $92.94 and were trading higher by 3 percent Tuesday morning prior to the halt.

 

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