You know a company has reached pop culture status when NBC's Saturday Night Live creates a skit around it.
That's what happened this past weekend for the Zillow real estate website.
Guest host Dan Levy was featured in a sexy comedic sketch about the desire to browse luxury homes.
People are paying attention to Zillow as demonstrated by the adjusted earnings and revenue that topped expectations in the fourth quarter.
The company has benefited from strong demand for residential real estate during the Covid pandemic.
Wednesday's earnings results sent shares of the company up 12% in after-hours trading.
“Zillow surfing has broken through to a whole new level of pop culture given that SNL did a funny and racy sketch about it this past weekend with Dan Levy in the lead. Fantasizing about real estate is not new our survey results and traffic have always indicated that people love looking at real estate and want to move what has changed is that more of those people now have the freedom to move", said Rich Barton, Zillow Co-founder & CEO during the company’s earnings call . "Many Americans untethered from their commutes and offices have begun to re-evaluate how and where they want to live.”
|ZG||ZILLOW GROUP INC||169.01||-6.84||-3.89%|
Zillow's mobile apps and website recorded a 27% rise in the quarter.
Profit came in at 41 cents per share, 67 cents higher than the same quarter last year. That topped the Wall Street estimate of 27 cents. The company reported revenue of $788.95 million , which is higher than the estimated $740.24 million.