CoStar Group, the parent of the CoStar News real estate service, beat Wall Street estimates for first-quarter revenue on Tuesday, helped by strong sales and consumer traffic on its homes.com website.
A Reuters story states, “The strong results are fueled by monetization of Homes.com. The membership subscriptions of its website reached nearly $40 million in net new bookings in the first-quarter, with overall net new booking reaching $86 million.
“Sales of Homes.com memberships were supported by strong Residential Network traffic which reached a record 156 million monthly unique visitors in March, the company said quoting Google Analytics.
“CoStar posted quarterly revenue of $656 million, above analysts’ estimate of $653.3 million, according to LSEG data.”<
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