Zillow's CEO is out (ZG)

Rebecca Ungarino

February 22, 2019 2:07 AM

Zillow CEO Spencer Rascoff

Zillow shares fell in after-hours trading Thursday after the company said CEO Spencer Rascoff was leaving his post. Rascoff will remain on the board of directors.
The real-estate database company named its co-founder and executive chairman, Rich Barton, as its new CEO.
Zillow shares have plunged 31% in one year.
Watch Zillow trade live .

Shares of the real-estate database company Zillow fell as much as 6.5% in after-hours trading Thursday after the company reported fourth-quarter earnings and announced a management shuffle.

Zillow said Rich Barton, its co-founder and executive chairman, would return as CEO, replacing Spencer Rascoff. Barton was CEO from the company's founding in 2005 until 2010. Rascoff will stay on the board of directors and co-founder Lloyd Frink will become executive chairman.

Here's what the company reported, compared to estimates from analysts surveyed by Bloomberg.

Adjusted earnings per share: $0.01 per share vs. $0.02 expected.
Revenue: $365.3 million vs. $351.2 million expected.

The stock was little changed after investors digested the results. Zillow shares have plunged 31% over the past year as the company entered into the mortgage-lending space.