Published on 24 Apr 2024 on Zacks via Yahoo Finance
CoStar Group (CSGP) Q1 Earnings Beat Estimates, Revenues Up Y/Y
CoStar Group CSGP reported non-GAAP earnings of 10 cents per share in first-quarter 2024, surpassing the Zacks Consensus Estimate by 66.67% but dropping 65.5% year over year.Revenues of $656.4 million beat the Zacks Consensus Estimate by 1.10% and increased 12.3% year over year. The upside was driven by robust performance in key segments.
Top-Line Details
CoStar revenues (38.1% of revenues) of $250.3 million missed the consensus estimate by 0.30% and increased 11.2% year over year. Apartments.com revenues increased 21% year over year. In the first quarter, both Apartments.com and CoStar generated more than $1 billion in sales. Net new bookings in the first quarter amounted to $86 million.Information Services revenues (5% of revenues) of $33 million beat the consensus mark by 1.23% but declined 20.7% year over year.