RTTNews | Nov 3, 2021 10:58AM EDT

10:58 Wednesday, November 3, 2021 (RTTNews.com) - Shares of Zillow Group, Inc. (Z) are tanking near 20% on Wednesday morning after reporting its third-quarter results and announced plan to wind down Zillow Offers operations.

Z is currently trading at $70.44, down $16.76 or 19.22%, on the Nasdaq, on a volume of 13.3 million shares, above average volume of 4.4 million shares.

Net loss for the third quarter was $328.2 million or $1.29 per share, compared to net income of $39.6 million or $0.16 per share last year. Revenues for the third quarter surged 164% to $1.74 billion from $656.7 million last year.

Zillow also announced plan to wind down Zillow Offers, the company's iBuying service in which Zillow acts as the primary purchaser and seller of homes.

The wind-down is expected to take several quarters and will include a reduction of Zillow's workforce by approximately 25%.

"We've determined the unpredictability in forecasting home prices far exceeds what we anticipated and continuing to scale Zillow Offers would result in too much earnings and balance-sheet volatility," said Zillow Group co-founder and CEO Rich Barton.

Read the original article on RTTNews ( https://www.rttnews.com/3238988/zillow-tanks-20-on-quarterly-results-to-wind-down-zillow-offers.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved