CoStar Group Inc - CSGP STOCK NEWS

Andy Florance, Founder and CEO of CoStar Group (NASDAQ: CSGP), has been named one of Washingtonian Magazine's 2024 Tech Titans for the third consecutive year. Recognized in the "Starters" category, Florance's honor highlights his role in revolutionizing the real estate market, particularly through the rapid growth of Homes.com.

CoStar Group reported strong financial results in Q2 2024, with a 12% year-over-year revenue increase to $678 million and net new bookings of $67 million. The company achieved a record 183 million monthly average unique visitors across its platforms. Notably, Homes.com experienced 197% year-over-year growth, reaching 99 million average monthly unique visitors in Q2 2024.

Florance expressed gratitude for the recognition, emphasizing the company's focus on launching Homes.com as an agent-friendly platform and its commitment to digitizing global real estate.

CoStar Group (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information, and analytics, will announce its third quarter 2024 financial results on Tuesday, October 22, 2024, after market close. A conference call and live audio webcast will be held at 5:00 PM EDT the same day to discuss the results and the company's outlook.

CoStar Group operates various real estate platforms including Apartments.com, LoopNet, STR, Ten-X, Homes.com, OnTheMarket, BureauxLocaux, Business Immo, Thomas Daily, and Belbex. The company's websites attracted over 183 million monthly average unique visitors in the second quarter of 2024. Founded in 1987, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia, with its headquarters in Washington, DC.

CoStar Group, a leading provider of online real estate marketplaces and analytics, has announced an agreement with Cushman & Wakefield to be its primary commercial real estate information provider in Canada. This partnership will give Cushman & Wakefield's 600 Canada-based employees access to CoStar's comprehensive data and analytics platform, covering properties across various sectors in major Canadian cities.

The collaboration aims to enhance Cushman & Wakefield's research capabilities, helping brokers better serve clients, close more deals, and increase commissions. CoStar's platform offers direct access to property data, enabling quick outputs for professionals and clients. The partnership aligns Cushman & Wakefield's Canadian professionals with their U.S. counterparts, who have been using CoStar's services for over two decades.

CoStar Group maintains a strong presence in Canada, tracking data on over 300,000 properties with a team of 80+ dedicated researchers. This agreement further solidifies CoStar's position as the preferred data source among leading commercial real estate brokerage firms in Canada.

CoStar Group (NASDAQ: CSGP) reported strong Q2 2024 results with revenue reaching $678 million, up 12% year-over-year. Net income was $19 million, with earnings per diluted share at $0.05. The company's core businesses showed robust growth, with Apartments.com growing 18% and CoStar growing 10% compared to Q2 2023. Homes.com achieved significant milestones, with net new bookings exceeding $55 million and 148 million monthly average unique visitors. The company's overall network reached a record 183 million monthly average unique visitors.

For the full year 2024, CoStar Group expects revenue between $2.735 billion and $2.745 billion, representing approximately 12% year-over-year growth. Adjusted EBITDA is projected to be between $195 million and $205 million. The company anticipates non-GAAP net income per diluted share of $0.64 to $0.66 for the full year 2024.

CoStar Group (NASDAQ: CSGP) has appointed Rich Simonelli as Head of Investor Relations and Cyndi Eakin as Chief Accounting Officer, both reporting to CFO Chris Lown. Simonelli returns to CoStar Group from Compass, where he served as Senior VP of Investor Relations, bringing 35 years of experience in investment banking and investor relations. His previous nine-year tenure at CoStar Group positions him well to support the company's investor relations efforts. Eakin, formerly CoStar Group's Controller and most recently Head of Investor Relations, will now oversee corporate accounting, revenue reporting, tax compliance, and financial reporting. CEO Andy Florance praised their expertise and suitability for these roles as the company enters a new growth phase.

Today, Apartments.com, part of the CoStar Group, unveiled its Q2 2024 multifamily rent trends report. The U.S. multifamily market showed strong demand, with 170,000 units absorbed, the highest since Q3 2021. Despite 180,000 new units being delivered, the vacancy rate held steady at 7.8%, marking the first non-increase in nearly three years. National annual rent growth slightly dipped to 0.9% in June. The Midwest and Northeast fared better with a 2.4% annual rent growth, while the West saw only 0.5%. The South struggled with zero annual rent growth due to oversupply. Louisville led in rent growth among top markets with a 4.9% increase, whereas Austin saw a 5.7% decline. Absorptions were strongest in luxury units but rent growth remained weakest in this segment. Improved consumer confidence and lower inflation spurred demand, especially for mid-priced and low-priced properties.

CoStar Group (NASDAQ: CSGP), a leading provider of online real estate marketplaces and analytics, will announce its financial results for Q2 2024 on July 23, 2024, after market close. Management will hold a conference call at 5:00 PM EDT to discuss the results and the company's outlook. A live audio webcast of the call will be available on the CoStar Group's investor relations website.

CoStar Group maintains the largest database of real estate information and operates various online marketplaces, including Apartments.com, LoopNet, and Homes.com. The company attracted 170 million unique visitors in Q1 2024 and has a significant presence in the U.S., Europe, Canada, and Asia.

CoStar Group (NASDAQ: CSGP) has appointed Christian M. Lown as Chief Financial Officer, effective July 1, 2024. Lown, currently EVP and CFO at Freddie Mac, brings over 25 years of experience in banking, finance, and real estate. He will report to CEO Andy Florance and will be responsible for CoStar's financial operations, including accounting, capital oversight, and investor relations. Lown’s expertise is expected to support CoStar’s growth, especially with its expanding Homes.com platform.

CoStar Group (NASDAQ: CSGP), a leader in online real estate marketplaces and analytics, has published its 2024 Environmental, Social, and Governance (ESG) Report.

The report underscores the company's dedication to sustainability, diversity, equity, inclusion (DEI), and responsible governance. In 2023, CoStar signed the Science Based Targets Initiative and improved scores from MSCI, Sustainalytics, ISS, and JUST Capital.

Key achievements include over 1,000 internal promotions, extensive training opportunities, and a diversified supplier network. CoStar also emphasized its commitment to environmental sustainability and social equity.

The report highlights CoStar's values and accomplishments in areas such as sustainability, DEI, community impact, volunteerism, and corporate governance.