Zillow (NASDAQ:Z) saw its stock rising in Wednesday’s after-hours boosted by above-forecast fourth-quarter results and the reaffirmation of its plans to invest in growth.
The property app and services firm reported a 19% drop in revenue down to US$435mln, albeit it held up favourably against consensus Wall Street forecasts for US$414mln.
Zillow meanwhile reported a US$72mln or 31 cent per share loss for the quarter.
It is expecting a similar revenue performance in the first quarter of 2023, with guidance pitched somewhat widely at US$404mln to US$437mln.
“Our consolidated Q4 financial results outperformed our expectations, and we've been rapidly shipping products aligned with our five growth pillars,” chief executive Rich Barton said in a statement.
“We're building momentum that will help us scale as we serve customers and the industry with an easier, more seamless way to transact in real estate."
On the group’s continuing investments, Barton added: "While navigating a slow and difficult housing market in 2022, we kept our eyes on the future - our vision of building the housing super app."
Zillow’s stock nudged a further US41.24 or 2.8% higher in after hours deals, adding the earlier gains in New York, to change hands at US$47.90 per share.