Zillow Group Inc Class C Z shares are trading higher after the company announced progress on Zillow Offers inventory wind-down and authorized a $750 million buyback.
"We are pleased with the progress of our wind-down efforts and recognize that no longer operating Zillow Offers will allow us to have a more capital-efficient balance sheet and business moving forward," said Zillow Group co-founder and CEO Rich Barton.
"With that, we see today as an opportune time to announce a share repurchase program and reduce the cash balance we built up to support Zillow Offers."
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Zillow is an Internet-based real estate company that has historically focused on deriving ad revenue from third-party brokers on online marketplaces such as Zillow.com, Trulia, and HotPads. More recently it has shifted its focus to iBuying via the Zillow Offers platform.
Zillow has a 52-week high of $208.11 and a 52-week low of $52.57.
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