CoStar Group Inc - CSGP STOCK NEWS

CoStar Group, Inc. (NASDAQ: CSGP) reported a robust revenue growth of 13% in Q1 2023, reaching $584 million, up from $516 million in Q1 2022. The net income stood at $87 million, with a diluted net income per share of $0.21. Notably, Apartments.com achieved a 20% revenue growth, while LoopNet reported a 16% increase. The company recorded its second highest net new bookings of $80 million, a 17% increase compared to the previous year. The acquisition of Homes.com has proven successful, with unique visitors soaring to 27 million in March 2023, surpassing initial traffic goals. The 2023 revenue outlook is revised to between $2.465 billion and $2.48 billion, indicative of a continuous growth trajectory amid a challenging real estate market.

CoStar Group's Apartments.com has released a report on multifamily rent trends for Q1 2023, highlighting ongoing challenges in the market. Despite a positive monthly rent growth in January and February, economic uncertainties have impacted household formations and consumer confidence due to inflation and Fed interest rates. Key metrics show absorption turned positive with 43,000 units, while vacancies rose marginally to 6.7%. Newly delivered units totaled 104,000, with year-over-year rent growth at 2.5%. Over 1 million units are under construction, signaling potential oversupply. Notably, Miami's rent growth decelerated significantly to 3.8%, while Indianapolis leads with 6.6%. The upcoming spring leasing period will be critical for market stabilization amid prevalent risks.

CoStar Group (NASDAQ: CSGP) announces a significant marketing shift for its brand Apartments.com, focusing primarily on streaming video and social media. The 2023 campaign, featuring Jeff Goldblum for the ninth year, engages renters through platforms like TikTok, Instagram, and Snapchat. Research indicates that 82% of renters watch streaming video daily, prompting this strategic pivot. The campaign will feature new partnerships with ad-supported streaming services Netflix and Disney+, alongside ongoing collaborations with Spotify and Pandora, aiming to drive millions of qualified renters to clients’ listings.

CoStar Group, Inc. (NASDAQ: CSGP) will release its first quarter 2023 financial results on April 25, 2023, after market close. A conference call is scheduled for 5:00 PM ET to discuss these results and future outlook. Access to a live audio webcast will be available on CoStar's Investor website, with a replay also provided post-call. Additionally, the company is expected to announce its second quarter 2023 results on July 25, 2023. CoStar, founded in 1987, is a leader in online real estate marketplaces and analytics.

CoStar Group (NASDAQ: CSGP) announced the winners of the 2023 CoStar Impact Awards, acknowledging over 400 commercial real estate (CRE) transactions from 2022 across 128 international markets, including the U.S., Canada, and the U.K.. The awards, now in their second year, celebrate achievements in five categories: Lease of the Year, Sale/Acquisition of the Year, Commercial Development of the Year, Multifamily Development of the Year, and Redevelopment of the Year. Winners were selected by a panel of more than 750 industry professionals, with an emphasis on growth, diversification, and overcoming unique market challenges.

CoStar Group has reported its multifamily rent growth trends for February 2023, indicating a slight recovery with national rents increasing by $2.50 or 0.15% month-over-month for the second consecutive month. However, year-over-year rent growth has decreased to 2.9% from 3.2% in January. Only Baltimore and Philadelphia exhibited growth among the top 40 markets. Indianapolis led the rent growth, while Las Vegas and Phoenix experienced significant declines, showcasing instability in the rental market. Looking ahead, more months of positive growth are crucial to stabilize the market.