Zillow voluntarily entered into a trading halt before updating the market. Immediately on the resumption of trading shares fell 7.1% to a low of $81.07. However they quickly rebounded to $91.65.
During the conference call, CEO Spencer Rascoff blamed the poor performance of some Trulia assets and the FTC review of the Trulia merger for the company’s lower estimates.
Rascoff stated: “The work we are doing this year lays the foundation for an incredibly bright 2016 and 2017. However, 2015 is a transition year and we’re trending a couple quarters behind where we’d like to be, due to the protracted [FTC] approval process which only ended two months ago,”