Zillow's 4th-quarter revenue forecast misses Street, shares fall

Mon Nov 5, 2012 4:35pm EST

Nov 5 (Reuters) - Real estate website Zillow Inc forecast fourth-quarter revenue below analysts' estimates, sending its shares down 23 percent in after-market trading.

The company, which provides housing price appraisals called "Zestimates," expects fourth-quarter revenue of $30 million to $31 million. Analysts were looking for revenue of $32.5 million, according to Thomson Reuters I/B/E/S.

Zillow reported a net income of $2.3 million, or 7 cents per share, in the third quarter, compared with a loss of $570,000, or 2 cents per share, a year earlier.

The company also said it would buy mortgage technology company Mortech Inc for $12 million in cash.