Shares of online home sales site Zillow are tanking after hours Monday after announcing plans to acquire a national mortgage lender to assist with home purchases.
Shares plunged more than 16 percent in extended trading Monday after being halted for the acquisition announcement.
The company recently launched a new strategy of buying and selling homes directly to users, expanding its offerings beyond real estate brokers. The acquisition is intended to supplement that effort, the company said.
As of Monday’s close, the stock had gained nearly 30 percent in the last 12 months and 45 percent in 2018.
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