Zillow Reports Q1 Sales Beat

Zillow Group ZG said during the first quarter, the company sold 2,394 homes and purchased 1,479 homes through Zillow Offers, ending the quarter with 1,791 homes in inventory, down from 2,707 homes at the end of the fourth quarter.

Zillow reported quarterly sales of $1.126 billion, which beat the analyst consensus estimate of $1.02 billion.

"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 in a statement.

"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."

Zillow Group shares were trading down 2.88% at $46.80 in Thursday’s after-hours session. The stock has a 52-week high of $66.96 and a 52-week low of $18.65.