Industry News

ZipRealty gets hammered on Wall St.

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Shares of ZipRealty on Friday slumped to their lowest level since the real estate company went public last year after it reported earnings on Thursday that missed its own estimate and were below Wall Street's expectations. ZipRealty stock on Friday fell $4.74, or 36 percent, to $8.43 a share on the Nasdaq, where it was the biggest percentage loser. Zip went public in November of 2004 at $13 per share. The company's stock sank even further Monday, trading at $8.20 a share. After Thursday's market close, the company announced a net income of $2.9 million for third-quarter 2005, or 11 cents a share, compared with $1.3 million in third-quarter 2004. The company in August had forecast earnings between 12 and 14 cents per share. ZipRealty's third-quarter net revenues were $28.2 million, a 61 percent increase over the $17.6 million in third-quarter 2004. At the end of the third quarter, the company employed 1,383 agents, up from 1,235 at the end of the second quarter and up 77 perce...