“Zillow (Z) shares were up 12% in early trading Thursday, at a nearly five-month high, after the online real estate company late Wednesday topped Wall Street’s Q4 forecasts and Q1 outlook, saying it drew a record number of users in January.
Mobile users are flocking to the company’s apps, says Zillow CEO Spencer Rascoff.
“We had more visits to Zillow on mobile than on the desktop” in Q4, Rascoff told IBD late Wednesday. “That’s a terrific accelerant to our business, because we monetize so well on mobile.”
Seattle-based Zillow reported a 2-cent-per-share profit for the quarter, down from 3 cents in Q4 2011 but ahead of the break-even quarter expected by analysts.
Revenue rose 73% to $34.3 million, better than the $31.3 million expected on Wall Street, according to FactSet Research….”
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