Zillow Loses $80,000,000 Flipping in 3rd Qtr - Yikes!!

[Account Closed]

Well, those brainiacs at Zillow have really got to stop believing their Zestimates. And, they had 70,000 requests for their services.

The CEO was heard to say "We are losing $1,143 on every deal but we'll make it up in volume" ;-)

"Zillow Shares Fall After Forecasting Home-Flipping Losses"

Zillow Group Inc.
shares fell as much as 14% in after-market trading after the company
forecast that its new home-flipping business would lose as much as
$80 million in the third quarter before interest, taxes, depreciation and
amortization.


The company generated $249 million in second-quarter revenue from Zillow
Offers, an algorithm-driven spin on home-flipping, and received
requests from 70,000 consumers who wanted to sell their homes to Zillow
over the internet.