Technology

Trulia acquisition giving Zillow’s stock a shot in the arm

Share price soars more than 20 percent in wake of job cuts

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With the acquisition of Trulia finally in the bag, Zillow's share price soared more than 20 percent in heavy trading this afternoon as the company begins to take steps -- including trimming its workforce -- that will help it fully realize cost and revenue "synergies." The jump in share price pushed Zillow's market cap back above the $5 billion mark, and it still may have room to run. After Zillow announced its plan to acquire Trulia back in July, shares in the company hit an all-time high of $164.90. Source: Google Finance Last summer, Zillow predicted it would achieve $100 million in cost “avoidances” in 2016 by combining the two companies. In a note to investors this week, Deutsche Bank analyst Lloyd Walmsley noted opportunities for Zillow to achieve nearly $150 million in “cost synergies” — spending cuts that will be largely achieved by cutting workers in areas where the two companies have redundancies, such as general administration, sales and marketing, an...