Zillow Group, Inc. (NASDAQ: ZG) reported Q4 revenue for the quarter came in at $1.13 billion versus the consensus estimate of $1.05 billion.

First quarter 2020 highlights include:

• Total consolidated revenue grew 148% year over year to $1.1 billion.
• Segment loss before income taxes was $41.5 million, $98 million and $13.1 million for the IMT, Homes and Mortgages segments, respectively.
• Adjusted EBITDA beat company expectations for all three segments.
• The company exited the quarter with a strong balance sheet, growing cash and investments to $2.6 billion from $2.4 billion as of the end of 2019.
• Premier Agent year-over-year revenue growth accelerated to 11% from 6% in Q4 2019 driven by strategy execution to connect our customers with high-performing partners.
• Homes segment revenue and Adjusted EBITDA outperformed company expectations significantly, delivering nearly $770 million in revenue. The company achieved the highest sales velocity since Zillow Offers launched.*
• During the quarter, the company sold 2,394 homes and purchased 1,479 homes through Zillow Offers, ending Q1 with 1,791 homes in inventory, intentionally down from 2,707 homes at the end of the fourth quarter.
• Traffic to Zillow Group's mobile apps and websites reached 192.5 million average monthly unique users, an increase of 6% year over year, driving 2.1 billion visits during the quarter.

"During Q1, we learned the true value of home. We also learned real estate is resilient as we're seeing clear signals that people are still shopping for homes and want to move," said Rich Barton, CEO and co-founder of Zillow Group. "Our Q1 results met or beat our outlook on all measures despite some volatility in the second half of March. We started the year strong, coming off a solid 2019 and ended the first quarter with an even stronger balance sheet, including a record cash balance. There is light on the horizon, and we're well positioned to move faster to the future, offering our customers and partners innovative products and services, such as our proprietary 3D Home Tours, to enable seamless and safe transactions in a more virtual world. The virtual tools home shoppers need for safety today will become their expectations for convenience tomorrow."

For earnings history and earnings-related data on Zillow Group, Inc. (ZG) click here.