CoStar parent reports strong first quarter

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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Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.