August 7, 2019 / 8:07 PM / 17 days ago

Zillow beats revenue estimates on higher home sales

Aug 8 (Reuters) - Zillow Group beat analysts' estimates for second-quarter revenue on Wednesday, as the real estate website operator sold more homes powered by Zillow Offers.

Zillow Offers is available in 15 cities in the United States and gives an instant cash offer directly to the home owner based on a property valuation model and sells it after minor repairs.

The Seattle-based company's revenue jumped 84% to $599.6 million, beating the average analyst estimate of $584.9 million, according to IBES data from Refinitiv.

Zillow said more than 69,000 homeowners requested an offer from its platform to purchase their homes during the second quarter, up 94% from the first quarter.

Net loss for the second quarter ended June 30 was $71.9 million, or 35 cents per share. (Reporting by Neha Malara in Bengaluru; Editing by Sriraj Kalluvila)

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