Zillow Group shares climbed the most in a year after the company posted revenue that beat estimates, fueled by its core business selling leads to real estate agents.

The stock jumped as much as 19% to $65.37 in New York on Thursday, the biggest intraday gain since February 2019.

For now, investors appear willing to look beyond mounting losses in the company’s nascent home-flipping operation. The fast-growing business, known as Zillow Offers, bought 1,787 homes in the fourth quarter and sold 1,902, generating $603 million in revenue for the segment, according to a statement.

Zillow co-founder Rich Barton reclaimed the chief executive officer job last year to lead the company’s ambitious pivot into buying and selling homes. It’s an expensive operation: The company lost an average of about $6,400 on every home it sold in the quarter, after interest. Overall, the company posted a $101 million net loss for the quarter.

Its revenue was $944 million, a jump of 158% compared with a year earlier.

“It’s a dramatic expansion of our ambition as we move down to the transaction — from search and find to buy, rent and borrow,” Barton said in an interview. “All that while, during all that transition, we just printed a two-and-a-half times revenue increase year-over-year for the quarter.”

Zillow’s core business boosted the company. Premier Agent, as the marketing operation is called, generated $233 million in revenue for the quarter, up 6% from the year before.

The stock had risen 51% over the last 12 months through Wednesday’s close, beating the 22% jump for the S&P 500 Index.

©2020 Bloomberg L.P.