ZipRealty cuts forecast as earnings plunge 80%
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Online brokerage ZipRealty Inc. lowered its full-year forecast and said the slowing housing market prompted third-quarter profit to plunge 80%.
The Emeryville-based company said net income fell to $622,000, or 3 cents a share, from $2.9 million, or 11 cents, a year earlier. Analysts polled by Thomson Financial expected earnings of 1 cent.
Sales fell 7% to $26.2 million.
ZipRealty, which charges a reduced commission to home sellers and gives cash rebates to buyers, said it expected to post a full-year loss of 15 cents to 20 cents a share and revenue of $90 million to $92.5 million. Analysts, on average, expected a full-year loss of 14 cents and revenue of $93 million.
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Annette Haddad
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