First-Time Home Buyers Are Having a Tough Time, Zillow Says. The Stock Slides.

Zillow Group stock was down 7.6% in after-hours trading, after the company’s first quarter revenue beat estimates with increases across its business segments. Blame a difficult environment for first-time home buyers, the company said in a letter to shareholders along with its earnings report. Zillow reported a net loss of $23 million in the quarter ended March 31, higher than the $22 million loss in the same quarter last year but narrower than the estimated loss of $34 million.