CoStar Group, which operates a real estate news service, forecast 2024 revenue below market expectations on Tuesday, on signs of a slowdown in traffic to its websites as consumers face an uncertain property market, reports Zaheer Kachwala of Reuters.
Kachwala reports, “The forecast indicates that high borrowing costs are prompting consumers to hold off on big-ticket purchases like property, affecting subscriptions on CoStar’s subsidiary websites, ‘Homes.com’ and ‘Apartments.com.’
“The company had recently aired four commercials during the Super Bowl amid a marketing push to drive revenue and get ahead of rival home-search sites like Zillow Group and Redfin.
“CoStar expects revenue for its fiscal 2024 to be in the range of $2.75 billion to $2.77 billion compared with analysts’ estimate of $2.78 billion, according to LSEG data.”
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