CoStar Group, Inc. (NASDAQ: CSGP) observed a bullish ascent in its shares yesterday, marking a significant surge of 8.66% to conclude the trading session at $91.95. This notable upswing in CSGP stock followed the disclosure of its financial results.
According to CoStar Group (CSGP), sales for the quarter that ended on March 31, 2024, came to $656 million, up 12% from the $584 million earned during the same time in 2023. In the first quarter of 2024, net income per diluted share was $0.02, while net income for the same time totaled $7 million.
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
In the first quarter of 2024, CoStar Group had exceptional financial performance, mostly due to the launch of its Homes.com monetization plan on February 12th of the same year. Homes.com membership memberships generated approximately $40 million in net new bookings in the first quarter despite the firm having less than two months of sales, making it the most successful product launch in the company’s history.
As a result, the Homes.com sales and revenue estimate for the full year 2024 is being raised. According to Google Analytics, the Residential Network traffic reached a record 156 million monthly unique visits in March, which helped fuel the spike in Homes.com subscriptions.
With regard to traffic volume, Homes.com is currently one of the two most popular residential marketplaces in the US. During the fourth quarter of 2023, CoStar Group had 4% unaided awareness, which increased to 24% by March 2024 as a result of its aggressive marketing efforts.
During the first quarter of 2024, CoStar Group’s sales team booked net new bookings worth $86 million, a record 12% increase over the previous quarter. For the seventh consecutive quarter, Apartments.com saw a revenue increase of over 20%, while CoStar had an 11% increase.
CoStar and Apartments.com both exceeded $250 million in revenue in the first quarter, becoming the first and second companies in the CoStar Group to reach $1 billion in annualized run rate sales.
