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Zillow shares soared as much as 20% in extended trading on Thursday after the digital real estate company said it’s getting out of the home-flipping business more quickly and economically than it previously expected.
Zillow’s fourth-quarter earnings report follows a disastrous stretch for the company, after an attempt to crack the iBuying, or instant buying, market, in which it purchased homes directly from owners. Zillow said in November that it’s exiting the business, admitting that its algorithms could not accurately forecast housing prices, putting the whole company at risk.
The company lost $261 million in the fourth quarter and $528 million for…