Zillow (NASDAQ:Z) shares surged almost 20% on Thursday as the real estate marketplace posted better-than-expected financial results for the second quarter and unveiled its new chief executive.
Chief operating officer Jeremy Wacksman has been promoted to CEO and been appointed to the company’s board of directors, the company said.
Wacksman joined Zillow (NASDAQ:Z) from Microsoft in 2009 and has served in many roles, including as a product leader, chief marketing officer and COO.
"With the strength of Zillow's brand, our highly engaged audience and a steadily growing business portfolio, we are in a great position to capture meaningful transaction share for years to come," Wacksman said in a statement.
"The work we're doing to bring the integrated transaction to life through exceptional tech solutions for consumers and agents will transform residential real estate."
For Q2, the company narrowed its net loss to $17 million or a loss of $0.07 per share from $35 million or a loss of $0.15 per share in the year-ago quarter.
Adjusted income was $99 million or $0.39 per share, beating the consensus estimate by $0.08.
Revenue was up 13% year-over-year at $572 million, ahead of estimates of $540 million.
Shares of Zillow added 19.7% at $50 on Thursday afternoon.