Zillow Group Inc. (NASDAQ: ZG) is on track for its first profitable year since 2012. The company has cited increased revenue from its mortgage business and a focus on closely managing headcount as reasons for the spike in profitability. However, the real estate technology company may still need some help, in the form of lower interest rates, to reverse the bearish momentum from recent events.
On the strength of its second-quarter earnings report, ZG stock climbed about 10% to reach its 52-week high in early September, leading many business services stocks. However, the stock has dropped about 20% since that time.
