Three months after a home-flipping initiative imploded in an embarrassing public display, Zillow Group Inc. reported record revenue from selling the underwater homes Thursday, sending shares surging.
Zillow
Z,
ZG,
shares rose between 15% and 20% in after-hours trading Thursday, when executives revealed fiscal fourth-quarter revenue approaching $4 billion, more than the company recorded in any full year before 2021. Even with the gains, Zillow shares would still be well short of the prices commanded three months ago, when executives admitted that a business created to flip homes had purchased far too many houses at too-expensive prices.
Zillow shares have plunged 24% in the three months since Zillow executives said they expected to lose more than half a billion dollars and lay off about a…
