Zillow CEO Rich Barton made the announcement after market hours Tuesday, adding the company would lay off about a quarter of its workforce.
The Zillow (NYSE: Z) stock price is under intense pressure after the company delivered a relatively weak quarterly result. The stock slipped by as much as 18% in the morning session.
Zillow had paused, and now will completely wind down, home buying with the division terminating over the next few quarters.

Zillow Quits Home Buying Business; Stock Plummets

10:57am, Wednesday, 03'rd Nov 2021
Zillow Group Inc (NASDAQ:ZG) is plummeting today, last seen 18.2% lower to trade at $69.94, following news that the real estate firm is exiting the home-flipping game on the closure of Zillow Offers.
The real estate tech giant just disappointed investors in a big way.

Why Zillow Shares Are Falling

10:13am, Wednesday, 03'rd Nov 2021
Zillow Group, Inc. (NASDAQ: Z) shares are trading lower after the company reported third-quarter earnings results and said it will wind down its 'Zillow Offers' service. Zillow reported $1.74 billion

Zillow Stock: Why The Price Is Falling

08:51am, Wednesday, 03'rd Nov 2021
The stock price of Zillow Group, Inc. (NASDAQ: Z) (NASDAQ: ZG) has been falling this week. This is why it happened.
Analysts downgraded rating and price target on Zillow Group Inc (NASDAQ:ZG) following Q3 earnings miss and exit from iBuying business. Piper Sandler analyst Thomas Champion downgraded Zillow Grou
Zillow (ZG) delivered earnings and revenue surprises of -693.75% and -13.73%, respectively, for the quarter ended September 2021. Do the numbers hold clues to what lies ahead for the stock?
Zillow is getting out of the iBuying business and will shut down its Zillow Offers division, resulting in a 25% reduction in its staff.
Zillow Group, Inc. (Z) CEO Rich Barton on Q3 2021 Results - Earnings Call Transcript
The real estate website had been relying on its algorithm that estimates home values to buy and resell homes. That part of its business lost about $420 million in three months.
Zillow is no longer flipping homes due to labor and supply shortages, and its inability to renovate and flip houses fast enough. Rich Barton, Zillow CEO, joins 'Closing Bell' to discuss.
Wilfred Frost joins 'Closing Bell' to report Zillow's latest earnings results.
Here's everything you need to know about the tumult at Zillow, all in one place.
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