The day after its third quarter earnings report was released, Zillow’s stock tanked — dropping more in Wednesday’s trading than it ever has in a single day’s trading since since its IPO launched in 2011.
On Tuesday, the real estate giant released its third quarter earnings, reporting revenue for the third quarter increased 22% from the same quarter last year. However, the stock’s reaction on Wednesday seems to tell a different story.
Zillow’s stock closed down more than 26%, just below $30 per share. The stock dropped more than $10 over the course of the day’s trading.
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