Zillow Shares Soar As Quarterly Loss Narrows

Shares of Zillow Group Inc. soared in Tuesday's extended session after the real estate website announced a smaller quarterly loss compared with a year earlier. Zillow reported its first-quarter loss narrowed to $47.6 million, or 27 cents a share, from a loss of $58.4 million, or 40 cents a share, a year earlier. The latest quarter's loss includes $15.7 million in legal costs related to a lawsuit involving News Corp and the National Association of Realtors. News Corp owns MarketWatch, the publisher of this report. On an adjusted basis, Zillow would have lost 13 cents a share. Revenue grew to $186 million from $127.3 million. Analysts surveyed by FactSet had projected a loss of 9 cents a share on revenue of $177 million. Zillow also raised its full-year revenue outlook to a range of $825 million to $835 million from $805 million to $815 million previously. Zillow soared 12% in after-hours trading.