Profits are harder to boost than clicks, warns the Wall Street Journal’s Spencer Jakab of high expectations for Zillow’s second-quarter earnings report, due on Tuesday.

Shares in the real estate portal and lead generation site for real estate agents hit an all-time high of $94 Monday before closing at around $90, giving the company a market capitalization of more than $3 billion.

Even if Zillow quadruples 2012 revenue and hits projected sales of $465 million in 2017, that’s a price-to-earnings ratio of 38, Jakab notes. Source:

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