Zillow Group Inc.’s revenue was slashed by nearly 90% in the first quarter of 2023, and that was on purpose.
Zillow Z ZG lapped the biggest quarter of the fire sale that erupted from the abrupt end to its home-flipping business with an earnings report Wednesday, which is why its sales total showed such a huge year-over-year decline. The $ 469 million in first-quarter net sales that Zillow reported, while down from $ 4.26 billion a year ago, easily topped FactSet’s average analyst estimate of $ 425 million in an uncertain residential…