It's common to see stocks with momentum on their side continue to rise, and Zillow is no exception. After all, the online real estate platform company not only crushed expectations last quarter -- with revenue up 32.2% to $245.8 million and adjusted net income swinging to $21.9 million, or $0.11 per share, from a loss of almost equal magnitude in the same year-ago period -- but it also raised its full-year guidance to boot.
And Zillow continued to pile on its progress throughout the month. First, it announced a new alliance between Zillow Group subsidiary Bridge Interactive and Black Knight Financial Services (NYSE: BKFS). Under that alliance, Bridge will integrate its advanced suite of data management tools with Black Knight's Paragon MLS system to offer Paragon users enhanced listing and data management capabilities.
Later in June, Zillow's StreetEasy subsidiary revealed that "many" of New York City's leading residential real estate firms -- notably including The Corcoran Group, Douglas Elliman, BOND Real Estate, and Nest Seekers -- are now using its Premier Broker program, which enables them to purchase buyer leads on for-sale listings at StreetEasy, Zillow, and Trulia to distribute to their agents.
In the end, it appears that Zillow Group's products are only becoming more pervasive, further cementing its status as an industry leader as the real estate world continues its migration to online platforms. So, I think Zillow Group is a winner that will keep on winning, and the continued rise of its stock price last month is no surprise.
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