Company says it is on track toward its full-year goals
Zillow notes industry indicators point to a slower second half
Overview
US real estate platform's Q2 revenue rose 18% yr/yr to $772 mln
Adjusted net income and adjusted EBITDA increased yr/yr; company posted small net loss
Company repurchased 5.6 mln shares for $200 mln in Q2
Result Drivers
Mortgages growth - Co said mortgage revenue rose 75% yr/yr, driven by 95% increase in purchase loan origination volume
Rentals growth - Co said rentals revenue rose 31% yr/yr, mainly due to multifamily revenue growing 42% yr/yr
Agent tools & new construction - Residential revenue benefited from growth in Preferred, Zillow Showcase, New Construction and suite of agent software tools
Analyst coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 16 "strong buy" or "buy", 12 "hold" and no "sell" or "strong sell"
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