The REA Group Limited (ASX: REA) share price is up 10% to $79.50 at the time of writing after the digital advertising business released its FY19 first quarter financials earlier this morning.
According to the report, revenue is up 17% to $221.9 million for the quarter with EBITDA rising 23% to $130.9 million.
The strong revenue growth can be attributed to REA’s Australian Residential business amid tough market conditions and despite a 3% decrease in listings nationally and listing declines of 8% across Sydney specifically.
With market conditions not expected to improve in the short term, listing figures could remain weak, but REA’s CEO says the company is “confident in its strategy” for the remainder of FY19.
A softer housing market has knocked Domain Holdings Australia Ltd (ASX: DHG) with a sharp share price decline since October.
Furniture retailer Nick Scali Limited (ASX: NCK) is also struggling with overall market conditions, but its shares are up 2.1% at the time of writing to $5.22.
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Returns as of 6th October 2020
Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has recommended REA Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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