2Q results were out after market closed overnight for the property website similar to local player www.realestate.com.au, and the turnaround remains on track. Revenue of US$572mn for the quarter was up 13% y/y and 6% ahead of expectations.
All segments of the business performed well;
- Residential revenue of $US409mn, +7.6% y/y vs consensus of $US381.3mn
- Rentals revenue of $US117mn was +29% y/y vs consensus of $US111.5mn
- Mortgages revenue $US34mn was +42% y/y, estimate $30.5mn
They guided to Q3 revenue of $US545mn to $US560mn, which was in line with current consensus expectations of $US553m. They also announced that Chief Executive Officer Rich Barton will be stepping down and named current Chief Operating Officer Jeremy Wacksman to take his place.
- Shares were trading ~10% higher after hours.
MM remains long and bullish ZG US
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