Zillow to acquire Mortgage Lenders of America; terms not disclosed
Mortgage Lenders of America, a national mortgage lender, headquartered in Overland Park, Kan. The transaction, which is subject to the satisfaction of customary closing conditions, including mortgage regulatory approvals, is expected to close during the fourth quarter of 2018. Terms of the deal were not disclosed.
SEATTLE (AP) _ Zillow Group Inc. (ZG) on Monday reported a loss of $3.1 million in its second quarter.
On a per-share basis, the Seattle-based company said it had a loss of 2 cents. Earnings, adjusted for one-time gains and costs, were 13 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share.
The online real estate marketplace posted revenue of $325.2 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $325.1 million.
For the current quarter ending in October, Zillow said it expects revenue in the range of $337 million to $347 million.
The company expects full-year revenue in the range of $1.32 billion to $1.35 billion.
Zillow shares have increased 45 percent since the beginning of the year.
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